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  • Nigeria’s non-oil exports hit record $6.1bn in 2025, says NEPC chief

    Nigeria’s non-oil exports hit record $6.1bn in 2025, says NEPC chief

    The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has announced that Nigeria’s non-oil export performance reached an unprecedented level in 2025, totalling approximately $6.1 billion.

    The figure represents an 11.5 percent increase over the $5.46 billion recorded in 2024.

    Speaking at a press briefing on the 2025–2026 non-oil export performance in Abuja, Ayeni described the achievement as the highest formally documented non-oil export value since the establishment of the Council.

    She said the milestone underscores the growing resilience and strategic importance of the non-oil export sector to the national economy.

    Ayeni reiterated the Council’s commitment to recalibrating and strengthening its strategies to deliver even stronger results in the coming years, noting that Nigeria has once again surpassed its previous export record.

    “You will recall that in 2024, and also last year in 2025, Nigeria recorded the highest value of non-oil export”, while assuring that the ‘Double Your Export mantra’ and the initiatives layered under it are yielding great results.

    She said, “This outstanding performance is not the total story, as a lot of exports still go out informally through our various borders. NEPC is in partnership with the National Bureau of Statistics and the Central Bank of Nigeria (CBN), while other stakeholders are working hard to mainstream informal trade.

    “In volume terms, total non-oil exports stood at 8.02million metric tonnes, reflecting a 10% increase compared to the 7.29million metric tonnes recorded in the previous year. This growth in both value and volume demonstrates improved export activity across multiple value chains and market destinations.

    “In 2025, Nigeria exported a total of 281 non-oil products. These products cut across agricultural commodities, processed and semi-processed goods, industrial inputs, and solid minerals, reflecting gradual progress toward value addition and broader product representation in global markets”.

    The ED added that Nigeria’s non-oil exports reached markets across 120 countries, with the Netherlands contributing 17.53%, Brazil 10.35%, and India 7.63% of non-oil exports. Therefore, these 3 countries emerged as the top 3 destinations by value. Export to the Netherlands increased by 32.46% with products including cocoa beans, cocoa butter, sesame seeds, and others. Export to Brazil increased by 19.07%. 

  • Agric produce, raw materials double non-oil exports to N18.4 trillion

    Agric produce, raw materials double non-oil exports to N18.4 trillion

    • N12.64tr trade surplus, 16-year oil theft low boost for fiscal outlook

    Nigeria’s non-oil exports doubled to N18.43 trillion in first half 2025, helping the country to retain a trade surplus of N12.64 trillion despite a shortfall in crude oil earnings.

    Data from the National Bureau of Statistics (NBS) showed that non-oil exports rose from N8.79 trillion in first half 2024 to N18.43 trillion in first half 2025, an increase of 109.7 per cent.

    The increase in non-oil exports was due to increasing exports of agricultural produce and solid minerals, underlining the emerging trend in diversification of national revenue.

    The robust performance of non-crude exports helped Nigeria to retain stronger trade surplus as crude oil exports dropped by N3.18 trillion during the period.

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    Crude oil exports, which remain the country’s biggest revenue sources, declined from N28.10 trillion in first half 2024 to N24.92 trillion in first half 2025, a drop of N3.18 trillion. Crude exports had dropped from N12.96 trillion in first quarter 2025 to N11.97 trillion in second quarter 2025. Crude oil as percentage of total exports also dropped to 52.6 per cent in first half 2025 compared with 71.2 per cent recorded in comparable period of 2024.

    Total exports stood at N43.35 trillion against imports of N30.71 trillion, leaving a positive trade balance of N12.64 trillion, a 54.6 per cent rise compared to the N8.17 trillion surplus recorded in first half 2024.

    On a quarterly basis, trade surplus had increased by 44.3 per cent from N5.17 trillion in first quarter 2025 to N7.46 trillion in second quarter 2025. Exports grew by 10.5 per cent to N22.75 trillion in second quarter 2025, while imports slipped marginally by 0.9 per cent to N15.29 trillion.

    Experts said the continuing diversification in earnings and record decline in oil theft strengthened Nigeria’s fiscal outlook.

    Analysts at Afrinvest West Africa said the positive trade account should help to further stabilise the foreign exchange (forex) market.

    “Overall, the solid improvement in the trade balance provides some respite for Nigeria’s external sector which could help ease pressure in the forex market and support external reserves,” Afrinvest stated.

    Analysts noted that latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) signallled an improvement in the mitigation of oil theft.

    According to the NUPRC, Nigeria’s crude oil losses from theft and metering challenges has dropped to its lowest levels in 16 years. The oil regulatory body noted that the daily losses as of July 2025  stood at 9,600 billion barrels per day (bpd) – the lowest level since 8,500 bpd of 2009.

    “To juxtapose the data, Nigeria recorded an average of 9,600bpd in crude oil loss between January and July 2025, representing a 15.0 per cent improvement from the average of 11,300bpd in 2024. The data in 2025 is also a massive improvement of 90.7 per cent, relative to the average of 102,900bpd in 2021.

    “The improvement in crude oil losses can be attributed to structural reforms from the Petroleum Industry Act (PIA) of 2021, underscoring sustained policy impact. The commission also alluded that collaboration with security agencies, operators and host communities as well as implementation of key regulatory measures to plug leaks such as metering audit across upstream facilities have aided the reduced crude oil losses. In our view, this improvement is a step in the right direction and a possible turning point in fiscal revenue,” Afrinvest stated.

    Analysts noted that Nigeria recorded an estimated average revenue $105.0 million as of June from its crude oil sales at an average price of $69.73 per bbl, which was the third highest in 2025.

    Afrinvest highlighted three major benefits of the record decline in oil theft to the macroeconomic stability.

    “To start with, a relief in fiscal revenue is on the cards. Despite disparity in latest production levels and federal government’s budget benchmark-July crude oil production of 1.51mbpd and government’s budget of 2.01mbpd, as well as international price dynamics-September Average: $66.96/bbl, government Budget: $75.00/bbl, reduced losses from crude oil theft should translate to increased crude oil available for sales, thereby boosting FAAC allocations and limiting fiscal strain.

     “Secondly, we expect to see a boost in forex liquidity and CBN’s external reserve. Crude oil exports, accounting for c.85.0 per cent of forex earnings remains Nigeria’s chief source of forex inflows. It is important to note that the naira has strengthened in 2025, up 2.4 per cent so far this year  to N1,501.50 per dollar,  largely driven by policy reforms from the CBN, as such higher export volumes  should result in improved forex inflows, thereby easing pressure on the Naira.

     “Finally, reduction in crude oil losses could boost investors’ sentiment in the oil and gas sector given the recent wave of divestment in the sector characterised by asset sales from international oil companies (IOCs) to indigenous oil companies. A major driver of this trend was the persistent security and operational risks associated with oil theft and pipeline vandalism. Nevertheless, with crude oil losses now at historic lows, there is bound to be renewed optimism which could rekindle investment appetite in the upstream segment, strengthening output prospects, and reinforcing Nigeria’s fiscal and external buffers,” Afrinvest stated .

    According to Afrinvest, the reduction in crude losses represents a structurally positive development, which signals improved governance and regulatory vigilance in the oil sector via strategic implementation of PIA.

    “While current crude oil production is still far from federal government’s  target, it is a massive improvement from the theft-ridden era of 2021, and a further step taken to ramp up oil production and improve fiscal revenue,” Afrinvest stated.

  • Stakeholders seek improved focus on non-oil exports

    Stakeholders seek improved focus on non-oil exports

    Stakeholders in the manufacturing sector have advocated for an improved focus on non-oil exports to transform the sector into the nation’s primary driver of economic growth and revitalise the nation’s overall economy.

    The stakeholders spoke at the ongoing 36th Annual General Meeting of the the Manufacturers Association of Nigeria (MAN) Anambra/Ebonyi/Enugu chapter in Enugu with the theme: “Revitalising Nigeria’s economy through manufacturing and non-oil export”.

    Speaking at the event, the chairman of the association, Lady Ada Chukwudozie, expressed belief that while global landscape is shifting rapidly, divestments into the non-oil sector has the capacity to improve the nation’s foreign exchange earnings and save the economy.

    She said: “Globally, we live in a world where change is the only thing constant. The global landscape is shifting rapidly, from globalization to a new era of complexity. The world is yet to recover from the COVID pandemic shocks and the disruption of geopolitical tensions, the Russia-Ukrainian War, the Israeli-Hamas war, proxy wars driven by politics, but behind the politics is commercial interest, climate change, advancements in technology, and resultant macroeconomic inflationary consequences.

    “The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), driven by geopolitical tensions, technological disruptions, and evolving customer demands.

    “Here in Nigeria, our economy has depended heavily on crude oil export for its foreign exchange earnings. With dwindling production of crude oil largely due to insecurity and other factors, the foreign reserve has not been able to sustain the pressure on the dollar due to trade deficits and the minting of more money through ways and means, which has impacted the inflation rate.

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    “However, the recent deregulation of the energy sector has hit an all-time high, with high interest rates in response to the high MPR rates, as the government keeps trying to adjust the monetary policies to control inflation. This has resulted in the currency being devalued. These challenges fully justify divestments into manufacturing-driven non-oil exports initiatives, especially for businesses in the manufacturing sector,” she said.

    She called on manufacturers and organizations to be agile, resilient, and forward-thinking, adapt and innovate to stay ahead, adding that they must be willing to challenge assumptions, experiment with new ideas, and invest in emerging technologies.

    The Managing Director of Keystone Bank, Hassan Imam, called for collaboration between the government, manufacturers, and financial institutions to improve the situation. 

    “Through initiatives such as targeted government policies, better access to finance, and infrastructure improvements, we can create an environment conducive for growth in manufacturing,” he said.

    The chairman of the occasion and Lagos-based businessman, Chief Martin Agbaso, advised manufacturers to add more value by exporting finished products of rushing to export only raw materials. 

  • Lagos boosts entrepreneurs’ capacities on non-oil exports

    Lagos State is one of the nation’s success stories in non-oil exports as key components of economic diversification. Its Ministry of Wealth Creation and Employment has held a workshop to expose entrepreneurs to export opportunities, DANIEL ESSIET reports.

    Oil exports have weathered many storms in the last five years as prices keep falling and rising, causing disruptions to revenue projections.

    To address this, the Federal Government has implemented reforms and pursued economic diversification to cope with the changing dynamics in the global energy market. These include raising revenue from new sources amid uncertainties over the pace of oil demand.

    Following this, non–oil exports, taken through Lagos ports annually is worth more than $10 billion, highlighting their importance to economic growth.  Encouragingly, non-oil exports have been growing in recent years, though oil still makes up a significant majority of the country’s external sales.

    Lagos State wants more activities within the sector and is ready to support internationally-engaged businesses and entrepreneurs to reap the rewards of trading with global customers.

    To stimulate the growth of non-oil exports, the state has started a campaign to promote non-oil products.

    However, big companies have continued to dominate the export industry as a few small and medium enterprises (SMEs) participate in export business.

    Addressing a workshop on Non-Oil Export in Alimosho, Ikeja, Commissioner for Wealth Creation and Employment Mrs Uzamat Akinbile-Yussuf urged owners of small businesses to embrace the export platforms being created for them by the state to increase patronage for their products and services, saying efforts were on to support small business owners to export their products.

    The government, she said, is conscious of the need to diversify the economy, create jobs and increase foreign earning.

    By diversifying the economy, she said the government will be able to tap export earnings from value-added and manufactured products, pointing out that there are huge opportunities for entrepreneurs to explore in the non-oil exports.

    To achieve this, she said the state government is creating  a better business climate, including through incentives and better regulation, adding that the workshop was held to improve the value and competitiveness of non-oil exports and empower entrepreneurs with capacities to explore exports markets.

    She said as the state was driven by the desire to build its economy through economic empowerment of individuals. Creating an enabling environment for businesses to thrive and breaking limitations in non-oil export remain veritable tools to achieving this lofty goal.

    Mrs Akinbile-Yusuf urged entrepreneurs, who still view export as a slippery slope, to ignore their fears and leverage the structure created by Lagos State to build their capacity with a view to seeking external patronage for their products.

    The Commissioner assured participants that in line with its establishing mandate, the Ministry of Wealth Creation and Employment will continue to be an enabling institution that creates sustainable wealth for Lagos citizens and develop the capacity of entrepreneurs with potentials to become export champions.

    She bemoaned the age-long over-reliance on oil, stressing that “oil is not our messiah and waiting for its price to rebound in the international market is a recipe for disaster”.

    According to Akinbile-Yusuf, entrepreneurs’ exposure to exportation of their goods would increase employment and wealth creation drive of the state, urging them to leverage the viability of the social media platforms to boost sales and patronage for their businesses.

    Also speaking at the event, Senior Special Assistant to Governor Akinwumi Ambode on Wealth Creation and Employment, Mrs. Temiwunmi Tope-Banjoko, said the event was meant to build the capacity of entrepreneurs to develop an interest in goods and products exportation.

    According to the SSA, the present situation of businesses across the world demands that entrepreneurs should begin to think outside the box and explore new frontiers for their businesses.

    “As businessmen and women, operating in Lagos does not imply that you restrict or limit your operations to Lagos alone, take advantage of other states across the country and from there, you will gradually expand to some Africa countries and gain a global brand for your products,” Tope-Banjoko said.

    She also harped on registration with the appropriate regulating arm of the government like the Nigerian Export Promotion Council (NEPC) and Corporate Affairs Commission, among others.

    The workshop facilitator,  who is also the Principal Consultant, Wiseplanne Consulting Ltd, Mr. Sam Omole, emphasised the need for local business owners, who are desirous of exporting their goods to foreign consumers, to follow due processes in positioning their products and making them export-worthy.

    According to him, lack of appropriate and market information about who the consumers of products are, their country of residence, their needs, philosophy and other relevant information, had limited the chances of exporting most of Nigerian products.

    Speaking on why most Nigerian products did not meet export requirements, the facilitator said  “most business owners do not pay attention to necessary details, they don’t follow due processes and structure and they do not have their businesses registered”.

  • Push for increased non-oil export to UK, US intensifies

    To stimulate non-oil export and diversify the economy, the Nigerian-British Chamber of Commerce and the Nigerian-American Chamber of Commerce are leading a campaign to further open up United Kingdom’s and United States’ markets to Nigerian non-oil exports. They are exploring opportunities in increased intra-Commonwealth trade and the African Growth and Opportunity Act. Experts say these can be the much-needed tonic to reposition the non-oil sector, fast-track industrialisation and create jobs. Assistant Editor CHIKODI OKEREOCHA reports.

    Nigeria’s transition to a non-oil economy is on course. The snag, however, is that the process being pushed by export-promoting agencies and regulatory authorities in the sector appears not to be moving as fast as exporters and other key stakeholders want.

    Many of them, who hold this position, expect that for an economy still evidently bearing the scars of recession, efforts by the public and private sectors to put it back on track through diversification should have been more compelling and fast-tracked.

    It was against this backdrop that the Nigerian-British Chamber of Commerce (NBCC) and the Nigerian-American Chamber of Commerce (NACC), in collaboration with trade groups, export-promoting agencies and regulatory authorities are leading a renewed campaign to stimulate the non-oil export sector.

    The chambers, with their partners, are essentially seeking to further open up the advanced markets of the United Kingdom (UK) and the United States of America (USA) to Nigerian non-oil exports.

    The NBCC is seeking to drive trade volume between Nigeria and the UK by promoting made-in-Nigeria products, particularly non-oil goods. The chamber believes that by encouraging increased intra-Commonwealth trades, particularly between Nigeria and the UK, both countries could achieve the projected trade volume of about £20 billion by 2020.

    For the British High-Commissioner, Mr. Paul Arkwright, the Nigerian Government and, indeed, other developing Commonwealth countries can achieve increased non-oil export trade volumes if they engage in what he called “competitive exports.”

    “The fact is if you talk to any economist who understands the way developing counties emerge from poverty into a state where they are no longer developing but developed countries, the one key thing that turns them from developing to developed countries is competitive exports,” Arkwright said.

    That was when he appeared on a special television programme to review the 2018 Commonwealth Heads of Government Meeting (CHOGM) held in London recently. He noted that CHOGM was about increasing intra-commonwealth trade by facilitating trade among member-countries.

    The British Envoy added that there has been a massive trade among the 53 Commonwealth member-countries, pointing out that the trade between the UK and Nigeria is huge. He added that the Commonwealth is not just about the UK, but it is a family of nations and every member-nation stands the chance of equal benefit.

    He stated that developing nations have no other option than to trade in a global world. According to him, the world trade has increased enormously and the trade between two Commonwealth countries is 20 per cent cheaper, compared with the trade with non-Commonwealth countries.

    The British High-Commissioner, however, clarified that while the Commonwealth tries to reduce the barriers faced by developing countries in the area of trade, it does not mean that they would be flooded with cheap goods from other countries.

    Indeed, before Arkwright’s call for competitive exports, the NBCC has been making efforts to ensure that Nigeria meets global export criteria in order to ensure goods from the country are accepted, particularly in the UK. The Chamber has been partnering with the private sector to see how it can provide facilities that will enable exporters meet standards.

    Its President, Akinola Olawore, also said recently that NBCC plans to attract foreign direct investment into Nigeria, particularly from Britain and also promote efforts to build the country’s capacity to meet global export standards that could boost trade and investment portfolio.

    The NBCC is also said to have earlier led a delegation of Nigerian exporters to London to explore partnership opportunities and showcase Nigerian non-oil exports. The UK trade mission, The Nation learnt, included private and public sector operators.

    There were also discussions between the NBCC and London Chamber of Commerce and Industry (LCCI) and other stakeholders on how to smoothen the process of Nigerian non-oil exports to UK.

    The NACC, on the other hand, is pushing to encourage Nigeria to take advantage of the US’ duty-free trade policy, the African Growth and Opportunity Act (AGOA), to grow her non-oil export.

    AGOA is the cornerstone of US trade and investment policy in Africa. The programme, which was signed into law by the US Congress in 2000, is a preferential trade agreement between the US and some eligible sub-Saharan African countries that allows the exportation of certain products into the US market tariff and quota-free.

    The free-duty export programme essentially seeks to increase market access to Nigeria and 38 other eligible Sub-Saharan African countries to export about 7, 000 product lines to the US market.

    The programme’s ultimate aim was to give Nigeria and other qualified African countries opportunity to build capacity in the global markets and also create jobs. Although, the Act initially covered eight years (October 2000 to September 2008), amendments signed in July 2004 extended it to September 30, 2015.

    The US Congress later extended it for additional 10 years, which means that it now expires on September 30, 2025. And encouraged by the 10-year extension, NACC has stepped up efforts at promoting the expansion of US trade and investment in Nigeria through support of business partnerships between American and Nigerian companies.

    In doing so, it’s National President, Chief Olabintan Famutimi, said that AGOA has proven a powerful tool for the promotion of export of goods from Nigeria and other African countries into the US. He, however, regretted that despite Nigeria’s enormous material and human resources, she remains Africa’s least beneficiary of AGOA.

    Indeed, through AGOA, Nigeria can export 6,500 products duty free into the US market. This, according to development experts, is an opportunity unprecedented considering the huge market under consideration.

    According to them, some of the products Nigeria can leverage on are garlic, natural honey, potato, onion, tomato, cucumber, vegetables, cabbage, chicken, goats, and milk. Others include fish, eggs, peas, beans, corn, okra, kola nuts, guava, mango, oranges, lemons, grapefruits, papayas, rice, and wheat.

    Famutimi said the Chamber remained committed to promoting AGOA in Nigeria to help give fillip to the Federal Government’s on-going non-oil export drive aimed at diversifying the economy. Speaking at the Chamber’s Breakfast Meeting held in Lagos, recently, he said Nigeria could take advantage of the renewal of AGOA for another 10 years to earn huge foreign exchange and create jobs.

    The NACC chief added that this was why the Chamber was partnering with strategic agencies to champion the cause for the effective implementation of AGOA in Nigeria through public sensitisation, access to finance and access to off-takers in the US.

    The agencies include US Agency for International Development (USAID) and its various projects, such as Nigeria Expanded Trade and Transport (NEXTT) and West Africa Trade and Investment Hub (WATIH); Nigeria Export Promotions Council (NEPC), Bank of Industry (BoI).

    Other strategic agencies involved in NACC’s renewed campaign to galvanise activities in the non-oil sector by riding on the back of AGOA include the Nigeria Export-Import (NEXIM) Bank, commercial banks; Nigerian regulatory agencies, such as Standard Organisation of Nigeria (SON) and National Agency for Food, Drug Administration and Control (NAFDAC).

    Already, the Chamber, according to Famutimi, had done a lot of training, workshops, sensitisations, and had participated in international ventures and had worked effectively with USAID.

    “We are moving and we are showing results already,” he stated, adding that with AGOA, Nigeria’s export to the US had increased far more than before.

    He also said arrangements are being made for small producers to be part of the programme so as to increase their capacity, as America offers a huge market.

    “We are opening the market; we are getting stakeholders and showing them the quality and packaging requirements to enter the US market,” Famutimi added.

    In carrying out their campaigns, both chambers emphasised the need for Nigeria to boost non-oil export by diversifying into agricultural products, noting that exporting more of agricultural products will brighten the country’s chances of claiming a significant share of the world trade.

    They also argued that stimulating the non-oil export sector will enhance the Federal Government’s revenue generation drive and also create jobs.

    To the trade groups, an increased and competitive non-oil export is a sure-footed way to drive the on-going economic diversification campaign and ultimately, fast-track Nigeria’s industrialisation.

    The Lagos Chamber of Commerce and Industry (LCCI) and the NEPC could not agree less.  And to demonstrate their belief in driving the non-oil export sector, LCCI and NEPC recently inaugurated an implementation committee with the primary mandate to grow the exportation of Nigerian products to the West African market.

    The committee comprising regulatory agencies in the export sector such as SON, Nigeria Customs Service (NCS), and NAFDAC, was also tasked with the responsibility of driving the actualisation of a project tagged “Nigeria ECOWAS Export Development (NEED)”.

    The committee Chairman, Mr. Bamidele Ayemibo, described the Economic Community of West African States (ECOWAS) market as largely untapped potential for Nigeria’s non-oil exports.

    He said the NEED project would see more agricultural products in Nigeria such as cereals, snacks, plastic products, pharmaceuticals, fish and sea foods easily produced in the country and exported to the regional market.

    “The effective implementation of NEED programme is key to conquering the West Africa and indeed, the African markets, especially for the medium scale businesses, and this can only be possible if this public-private partnership works,” Ayemibo said, at the inauguration of the committee.

     

  • Africa’s non-oil exports to US hit $4.4b

    The volume of non-oil  export from Africa to the United States (US) under the African Growth and Opportunities Act (AGOA) stands at $4.4 billion, the US Assistant Trade Representative for African Affairs, Ms Florizelle Liser has said.

    Liser while responding to a question sent to her via e-mail during a tele-conference ahead of the ‘2015 AGOA Forum’ scheduled to hold in Libreville, Gabon, from August 24 -27, 2015, said although the trade volume stood at $4.4billion, there is still much work to be done to take full advantage of AGOA following the 10-year extension of the trade policy.

    AGOA is a trade preference programme that provides duty-free access to the US market for products from eligible sub-Saharan African countries.

    There are 39 eligible countries. The programme was due to expire on September 30, this year, but the US Congress recently extended it for an additional 10 years.

    Liser said with the extension of the programme, the US is providing trade capacity building and other technical assistance for eligible African countries, and “We really look forward to engaging with our African partners when we get to Libreville, Gabon to talk about how we move forward implementing AGOA and going beyond AGOA.”

    She said the 10-year extension – the longest in the programme’s history – will also provide certainty for African producers and US buyers regarding access to the US market under the AGOA programme and create a stable environment that encourages increased investment in sub-Saharan Africa.

    “The AGOA Forum will also provide an opportunity for top trade officials from both Africa and the United States to discuss how best to take advantage of the opportunities presented by the extension of the programme, including through developing AGOA utilisation plans that are included as a part of the new AGOA legislation,” she explained.

    The US Trade Representative said now that AGOA’s has come to stay, the Forum would provide an opportunity to begin a more strategic conversation about the future of her trade and investment relationship with Africa.

    The reauthorisation of AGOA for 10 years was said to have garnered bipartisan support in the US, a development seen as a clear indication of promoting prosperity, opening markets, and inclusive development and stronger regional integration and good governance on the continent of Africa. “It’s a signal that businesspeople can and should invest with confidence in Africa,” Liser said.

  • Nexim Bank: Repositioning for Nigerian non-oil exports

    In recent decades, export competitiveness in the era of globalization has been at the heart of domestic economic growth and development debates. Against the background of growing disparity in income between the developed and the developing world, due largely to divergence in industrial capacity, the central question has always been: what can and should be done in developing countries to boost export growth and diversification, and enhance competitiveness in international markets?

    In 2007, a leading economist at the MIT, Alice H Amsden noted that the gamut of policies, practices and institutions which led to the rapid skill formation and industrialization in successful exporting countries of the developing world was carefully built, diligently developed and tested over many years, led to trade protectionism, competitive pricing and the establishment of Export Processing zones which afforded access to imported input at world prices and often more advantages.

    In Nigeria, no bank understands the intricacies of export growth, export development, export diversification and export competitiveness more than the Nigerian Export-Import Bank – NEXIM Bank, the Trade Policy Bank of Nigeria. Established in 1991 by Act 38 of 1991 originally as an Export Credit Agency, owned equally by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MoFI), NEXIM has since 2009 reformed its processes and redefined its focus to promoting the diversification of the Nigerian economy and deepening the external sector, particularly the non-oil sector through the provision of credit facilities in both local and foreign currencies; risk-bearing facilities through export credit guarantee & export credit insurance; business development and financial advisory services etc.

    In pursuit of this renewed mandate of promoting export diversification and deepening the non-oil sector, the Bank’s current strategic initiatives are targeted towards boosting employment creation and foreign exchange earnings in the Manufacturing, Agro-processing, Solid Minerals and Services (Tourism, Transportation and Entertainment) industries –  The MASS Agenda of NEXIM Bank.

    The Bank is concerned with the competitiveness of Nigeria’s products and services in foreign markets. According to the MD/CEO of NEXIM, Mr. Roberts Orya, Nigerian exporters have looked away from their traditional market of West Africa and the African region, and focused on the markets of Europe and Americas despite not having the competitive edge. This is different from the practice of the most successful exporters of the developing world including South Korea, Turkey, China, India, Brazil, etc., which for strategic commercial reasons,entrenched their regional competitiveness before venturing outside their core trading blocs.

    NEXIM understands that export-competitiveness requires actions at the highest national level. No doubt, theAdministration of His Excellency, Dr. Goodluck Ebele Jonathan, GCFR, in pursuit of the Transformation Agenda, is showing strong political commitment to boost Nigeria’s export-competitiveness.

    Just recently, at the inauguration of the new NEXIM Bank Board as reconstituted by President Goodluck Jonathan for improved performance, the Coordinating Minister for theEconomy and Honourable Minister of Finance, Dr. Ngozi Okonjo-Iweala expressed satisfaction at the achievements of NEXIM and restated Government’s determination to trade expansion. The CME said that, “…the Government of President Goodluck Ebele Jonathan has embarked on a path of transforming the economy; trying to work with our private sector to expand trade, particularly regional trade, incorporating the West African zone and even beyond…” She charged the new Board to understand that NEXIM has a responsibility if Nigeria is going to play its role of being the powerhouse within the West Africa sub-region, and beyond.

    NEXIM takes developmental rather than a purely financial-return-maximisation approach in its lending. The Bank focuses on the identification, development and financing of projects thatagrees with national objectives on private sector developmentand non-oil export.

    NEXIM Bank received commendations from its Shareholders for its support to the Creative and Entertainment sector, and facilitation of the establishment of the Sealink Project, which will boost access by Nigerian exporters to the ECOWAS and Central African markets.

    The shareholders of the Bank have given it the approval to strengthen its balance sheet, including attracting offshore lines of credit. Already, NEXIM has partnerships with many overseas financial institutions, like the African Development Bank, Afrexim Bank, Islamic Development Bank, India EXIM, to name a few.

    With the inauguration of the bank’s board headed by the Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade, it is expected that the nation’s export trade policy will strengthen, even as NEXIM Bank continues to grow its funding interventions and export advisory services.