GMD Alawuba, Advocates for Industrial Hubs to Boost Nigeria's Non-Oil Exports
Our Group Managing Director, Oliver Alawuba, highlighted the importance of developing industrial hubs during his participation in the Central Bank panel at the RT 200 Non-Oil Export Summit which held on 9th May 2023 in Nigeria. Recognising Nigeria’s potential as Africa’s largest economy, Alawuba emphasised the need to foster specialised economic zones, promote manufacturing, and implement supportive policies to enhance the country’s export capacity. The goal is to repatriate $200 billion in foreign exchange exclusively from non-oil exports within the next 3-5 years.
Alawuba underscored the transformative opportunity that establishing industrial hubs presents for Nigeria’s economy. By serving as centres for innovation, production, and export, these hubs can drive economic diversification and create job opportunities. Collaboration among key stakeholders, including financial institutions like UBA, and the implementation of comprehensive strategies are crucial for realising this vision.
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In conclusion, the GMD urged critical stakeholders to commit to sustained efforts in positioning Nigeria as a thriving hub for non-oil exports. Through the utilisation of resources, support for local industries, and facilitation of trade, Nigeria can achieve long-term economic prosperity and reduce its vulnerability to oil price fluctuations. UBA’s participation in the summit reflects the bank’s commitment to driving economic growth, promoting diversification, expanding export opportunities, and contributing to Nigeria’s overall economic transformation.
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