Zenith Bank Plc. is prioritizing loans to the agricultural industry and other raw-material suppliers as a dollar shortage in Africa’s biggest oil producer hinders imports. “Companies that will be leaders in the next five years are those who will be sourcing their raw materials locally,” Chief Executive Officer Ebenezer Onyeagwu said by phone from Lagos, the nation’s commercial hub. “If you can get your raw materials here, you’re in business and it’s cheaper — your holding cost is cheaper, your freight cost is reduced.”

Nigeria’s second-biggest bank by market value is aiming to meet increased demand from businesses needing to source raw materials locally after plunging oil prices and lockdown measures to curb the spread of the coronavirus dried up foreign-currency inflows. The central bank devalued the naira in March and halted dollar sales for more than a month as income from crude fell. Bloomberg