Sterling Bank has called for a shift from raw commodity exports to value-added production, arguing that Nigeria’s long-term economic resilience depends on building industrial capacity rather than relying on primary commodity sales.
The lender made the case at the second edition of its “Excel in Non-Oil Export” Forum held in Lagos, where exporters, regulators, policymakers and finance experts examined strategies for deepening Nigeria’s participation in global trade.
The forum comes as Nigeria’s non-oil exports reached a record $6.1 billion (N12.36 trillion) in 2025, reflecting 11.5 per cent growth from the previous year. Despite the improvement, crude oil continues to account for more than 80 per cent of the country’s foreign exchange earnings, leaving the economy vulnerable to external shocks.
Participants argued that Nigeria’s export challenge is less about production volumes and more about limited value addition, weak processing capacity and inadequate compliance with international standards.
Speaking at the event, Mr Akporee Idenedo, Divisional Head of Commercial Banking at Sterling Bank, said the country must move beyond exporting raw materials if it hopes to capture greater value from global supply chains.
According to him, Nigeria remains a major cocoa producer but has yet to fully benefit from the significantly larger global market for finished chocolate and other processed products.
The keynote speaker, Dr Doyin Salami, former Chief Economic Adviser to the President, said economic sovereignty in today’s world depends on a country’s ability to participate competitively in international trade rather than relying on protectionist policies.
Salami noted that Nigeria ranks among the lowest countries on the Economic Complexity Index because its export basket is dominated by raw materials. He stressed that compliance with international requirements, including food safety and environmental standards, has become essential for market access.
He also identified financial services, including trade finance, cross-border payments and economic intelligence, as emerging non-oil export opportunities capable of generating substantial foreign exchange earnings.
The discussions underscored a growing consensus among policymakers and industry stakeholders that the African Continental Free Trade Area (AfCFTA) presents significant opportunities for Nigerian businesses, provided they can meet quality, certification and production requirements.
Sterling Bank said it was supporting that transition through initiatives such as its Non-Oil Export Academy, developed in partnership with the Enterprise Development Centre of Pan-Atlantic University, to equip exporters with skills in trade finance, compliance and risk management.
Analysts say the emphasis on value addition reflects a broader policy objective of reducing Nigeria’s dependence on crude oil by expanding manufacturing, agro-processing and export-oriented industries capable of competing across African and global markets.