Nigeria’s non-oil export sector has seen rapid growth, but local investors are losing out to foreign players—mainly from India, China, Lebanon, and Vietnam—who now dominate the trade.
According to reports from the National Bureau of Statistics (NBS) and the Nigerian Export Promotion Council (NEPC), non-oil export earnings surged to N4.8 trillion in the first half of 2025, a 391% rise from N977 billion in the same period of 2021. NEPC described this growth as evidence of President Bola Tinubu’s “Renewed Hope Agenda.”
However, local industry stakeholders say the numbers hide deep challenges. Many argue that the benefits of this diversification are being lost to foreign operators who have stronger financial backing and easier access to funding.
Dr. Ojo Ajanaku, President of the National Cashew Association of Nigeria (NCAN), said local exporters are struggling with limited access to loans and high interest rates.
“We would have done much more, but many potential exporters are handicapped. Foreigners come with cheaper funds and even get better deals from Nigerian banks,” he explained.
He revealed that some foreign traders export Nigerian products without completing the mandatory Nigerian Export Proceed (NXP) form, which requires proceeds to be repatriated to Nigeria. This, he said, deprives the local economy of foreign exchange earnings.
Ajanaku added that foreign buyers often pressure farmers into harvesting crops prematurely, reducing product quality and yield. He also blamed government bureaucracy at the ports for delays that cause exporters to miss contract deadlines.
“If we process what we produce locally, we’ll earn more. But the cost of processing in Nigeria is too high. We need special agro-processing loans with minimal collateral and low interest rates of 3–5%, plus energy incentives to support processors,” he urged.
He noted that Nigeria, once the world’s top cashew producer, has now fallen to fourth place. According to him, improving local processing could create jobs and reduce oil dependence.
Economist Dr. Mark Ojobi from Yakubu Gowon University said that despite progress, Nigeria’s exports remain dominated by raw materials like cocoa, cashew, and sesame. “Value addition is the key. That’s the difference between earning $13 billion and $50 billion from the same volume of exports,” he said.
Analyst Chief Peter Ameh added that much of Nigeria’s exports go unrecorded due to informal cross-border trade. He said, “The real figures could be higher or lower because many exports pass through Benin, Niger, Cameroon, and Chad without official documentation.”
Civil society groups, including the Civil Society Legislative Advocacy Centre (CISLAC), argue that the export boom has yet to improve the lives of ordinary Nigerians. “We are sub-optimal in every value chain. The focus should be on how this growth benefits local exporters,” said CISLAC’s Executive Director, Auwal Musa.
Responding to the concerns, NEPC spokesperson Ndubueze Okeke said the council’s mandate does not cover interest rates or port operations. “These fall under the Central Bank, commercial banks, the Nigerian Ports Authority, and the Ministry of Finance,” he clarified.
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