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Stimulating non-oil sector will drive economic growth – MD, Zenith Bank

Zenith Bank
Ebenezer Onyeagwu

By Elizabeth Adegbesan

The Managing Director/Chief Executive Officer, Zenith Bank, Ebenezer Onyeagwu, has said stimulation of the non-oil sector will drive economic growth.

Onyeagwu disclosed this today at the 3rd editiin of the International Trade Seminar, in Lagos.

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Represented by Managing Director & Chief Executive Officer, Zenith Bank (Ghana) , Mr Henry Oroh, Onyeagwu said: “The most viable option for us as a nation lies in stimulating the non-oil exports. Zenith Bank saw this emerging opportunity early and has developed robust financial products and incentives for Operators in the sector to drive the much-needed growth.”

Citing the International Monetary Fund, IMF, he noted: “Escalating trade policy uncertainties remain the biggest risk to the future of the global trading system, causing the slowest pace of growth of the global economy since the 2008-2009 financial crisis, according to the IMF.

“The synchronized economic slowdown and volatility in commodity prices have continued to underscore the vulnerability of our weighty dependence on crude oil as a major source of foreign exchange earnings. These developments have prompted an awakening and introspection among policy makers and key stakeholders in our country on the need for accelerated economic diversification and the search for alternative revenue sources.

“This seminar, therefore, aims to refocus the attention of key stakeholders in the Nigerian export sector on the enormous opportunities in the by non-oil export trade, and to explore integrated tools and strategies for tackling inherent challenges,” the Zenith Bank MD said.

Vanguard

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