Local Investors Miss Out on Nigeria’s N4.8trn Non-Oil Boom
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 […]