Nigeria’s drive to diversify its economy received a major boost as Sterling Bank called for a stronger focus on value-added manufacturing and export-ready products instead of the continued export of raw commodities.
The call was made during the second edition of the Excel in Non-Oil Export Forum held in Lagos. The event, organised by Sterling Bank in partnership with Sunbeth Global Concepts, brought together exporters, regulators, investors, and financial experts to discuss challenges and opportunities in Nigeria’s non-oil export sector.
The forum, themed “Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export,” focused on how Nigeria can strengthen its position in global trade by improving product processing, quality standards, and compliance with international regulations.
Although Nigeria’s non-oil export sector recorded a historic performance in 2025, generating about $6.1 trillion, the country remains heavily dependent on crude oil, which still contributes more than 80 percent of foreign exchange earnings. Stakeholders at the event stressed that this dependence can only be reduced if Nigeria moves beyond exporting raw materials and begins producing finished goods for international markets.
Speaking at the forum, Sterling Bank’s Divisional Head of Commercial Banking, Akporee Idenedo, said Nigeria is losing significant economic opportunities by exporting raw commodities instead of processed products.
He explained that Nigeria is one of the world’s leading producers of cocoa beans, yet the country earns only a fraction of the value available in the global chocolate industry. According to him, greater profits and job creation can be achieved when local industries process raw materials into finished products before export.
Idenedo urged businesses and policymakers to embrace a new approach that prioritises quality, innovation, and manufacturing. He noted that Nigeria’s non-oil export sector can become more competitive globally if exporters focus on delivering high-value products rather than competing mainly on price.
Delivering the keynote address, renowned economist and former Chief Economic Adviser to the President, Dr. Doyin Salami, highlighted the importance of building stronger production capabilities. He pointed out that Nigeria ranks low on the global Economic Complexity Index because the country largely exports raw materials instead of sophisticated manufactured products.
Salami also stressed the importance of meeting international standards. He explained that compliance with global regulations, including food safety requirements, environmental standards, and sourcing rules, is now essential for gaining access to major export markets.
Beyond traditional exports, Salami identified financial services such as trade finance, cross-border payments, and economic intelligence as promising non-oil export opportunities capable of generating substantial revenue for Nigeria.
Sterling Bank also highlighted its commitment to supporting exporters through capacity-building initiatives. One of its flagship programmes, the Non-Oil Export Academy, was developed in partnership with the Enterprise Development Centre of Pan-Atlantic University to equip businesses with the skills needed to compete internationally.
According to Idenedo, access to funding alone is not enough. He said exporters also need training in trade finance, compliance, risk management, market access, and international business practices.
The bank believes that empowering entrepreneurs with these capabilities will help Nigeria transition from raw commodity exports to value-added manufacturing, enabling local businesses to take advantage of the African Continental Free Trade Area (AfCFTA) and its market of over 1.3 billion consumers.
The forum featured contributions from key industry stakeholders, including representatives from NAFDAC, the Standards Organisation of Nigeria (SON), Sterling Bank, and other participants across the export value chain, all united by the goal of building a stronger and more diversified Nigerian economy.
