Sterling Bank Limited convened its second “Excel in Non-Oil Export” Forum in Lagos, themed “Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export.” The event, co-organized with Sunbeth Global Concepts Limited, brought together exporters, policymakers, and financial experts to discuss strategies for maximizing Nigeria's trade potential.
The forum emphasized that Nigeria's export resilience hinges on processing, manufacturing, certification, and export-grade compliance, rather than solely on raw material volumes. Despite the non-oil export sector reaching $6.1 billion (₦12.36 trillion) in 2025 with an 11.5% growth, the economy's heavy dependence on crude oil, which accounts for over 80% of foreign exchange earnings, leaves it vulnerable to external shocks.
Participants identified a critical challenge: a lack of value addition to raw materials. Akporee Idenedo, Divisional Head of Commercial Banking at Sterling Bank, highlighted the need for a shift from exporting raw goods to finished products, emphasizing quality and value over price. He noted Nigeria's position as the fourth-largest producer of cocoa beans globally, yet its limited participation in the more lucrative finished chocolate market.
Dr. Doyin Salami, Senior Fellow at the Lagos Business School, urged a re-evaluation of trade sovereignty, advocating for building practical capabilities for better terms in global trade. He pointed out Nigeria's low ranking of 130 out of 140 countries on the Economic Complexity Index due to its export of raw materials. Salami also stressed that compliance with international standards is essential for market access.
Furthermore, Dr. Salami proposed financial services like cross-border payments and trade finance as significant non-oil export opportunities for Nigeria. Recognizing that capital alone is insufficient, Sterling Bank has invested in ecosystem development through its Non-Oil Export Academy, in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University.
Idenedo stated that Sterling Bank's support extends beyond capital to equipping businesses with the skills for navigating regulated global markets. The bank provides training in structured trade finance, letters of credit, compliance, risk management, and market access, aiming to foster high-margin, value-added manufacturing that can leverage the African Continental Free Trade Area (AfCFTA) market.
The forum featured discussions with regulators and operators, including representatives from the National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Nigerian Export Promotion Council (NEPC), and various financial and agricultural sector leaders. Sterling Bank remains committed to bridging the gap between policy and practice to enhance Nigeria's export capabilities.
About Sterling Bank: Sterling Bank Limited is a Nigerian commercial bank with over 60 years of heritage, part of Sterling Financial Holdings Group. It focuses on Health, Education, Agriculture, Renewable Energy, and Transportation (HEART strategy) and is known for its pioneering digital banking solutions.
