Sterling Bank champions Nigeria's non-oil export growth

Sterling Bank is actively supporting Nigeria's drive to expand its non-oil trade by hosting the "Excel in Non-Oil Export" Forum. The event, co-convened with Sunbeth Global Concepts Limited, focused on the structural changes needed to transform Nigeria into a globally competitive industrial hub.

Akporee Idenedo, Divisional Head of Commercial Banking at Sterling Bank, stressed the urgent need to export finished products rather than raw materials. "We are still exporting potential instead of full value," Idenedo stated, using cocoa beans as an example. He argued that Nigeria should focus on maximizing the market for finished goods like chocolate, competing on quality and value, not just price, to realize its trade potential.

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We are still exporting potential instead of full value. For example, while Nigeria is the fourth 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 the Lagos Business School, challenged the audience to rethink trade sovereignty. He noted Nigeria's low ranking on the Economic Complexity Index (130 out of 140 countries) due to its heavy reliance on exporting raw materials. Salami also highlighted that compliance with international standards is crucial for market access. He proposed that financial services, including cross-border payments and trade finance, represent a significant non-oil export opportunity for Nigeria.

Despite Nigeria's non-oil export sector reaching $6.1 billion in 2025, crude oil still accounts for over 80 percent of foreign exchange earnings. Sterling Bank is addressing this by investing in ecosystem development through its Non-Oil Export Academy, aiming to equip businesses with the necessary capabilities to compete globally.

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For the non-oil export segment of our economy to realise its trade potential, we must move from exporting raw goods to exporting finished products, competing on quality and value rather than just price.