Sterling Bank and experts point to commodity processing and other sectors as a path to resilient non‑oil exports

Dike Onwuamaeze

Sterling Bank and economic experts have highlighted that processing raw materials, expanding manufacturing, and adhering to trade rules and export standards are key to building resilience in Nigeria’s non‑oil export sector.

They argue that these measures will speed Nigeria’s shift from a commodity‑dependent economy to a globally competitive industrial base.

Despite the non‑oil export sector reaching a record $6.1 billion (N12.36 trillion) in 2025—a 11.5 percent year‑on‑year increase—the country remains highly vulnerable to external shocks, with crude oil still accounting for over 80 percent of foreign‑exchange earnings.

These points were raised at the “Excel in Non‑Oil Export” Forum, themed “Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non‑Oil Export.” The event was organized by Sterling Bank in partnership with Sunbeth Global Concepts Limited.

During the forum, Mr. Akporee Idenedo, Divisional Head of Commercial Banking at Sterling Bank, underscored the urgent need to shift from raw commodity exports to value‑added products.

Idenedo said: “We are still exporting potential instead of full value. For example, while Nigeria is the 4th largest producer of cocoa beans globally, earning billions in export value, the finished chocolate market is an even bigger market that has not been fully maximised.”

Dr. Doyin Salami, a Senior Fellow at Lagos Business School and former Chief Economic Adviser to President Muhammadu Buhari, delivered the keynote address. He urged the audience to rethink trade sovereignty by moving beyond historical import‑substitution models and developing practical capabilities to engage in global trade on more favorable terms.

Salami noted that Nigeria currently ranks 130th out of 140 countries on the Economic Complexity Index because the country predominantly exports raw materials rather than processed and finished goods.