Globus Bank has referred to as for elevated export financing and native manufacturing to increase Nigeria’s non-oil exports, as stakeholders search to handle restricted worth addition, weak provide chains and infrastructure gaps hindering the nation’s export competitiveness in worldwide markets.
Speaking on the Globus Bank Export Summit 2026 in Lagos, Elias Igbinakenzua, managing director and chief govt officer of the financial institution, stated Nigeria had important non-oil export alternatives however wanted a extra aggressive, productive and dependable export ecosystem to realise its potential.
“Non-oil exports increased from $3.45 billion in 2021 to $6.1 billion in 2025, reflecting growth in the sector, but that the country continues to lose potential earnings because most commodities were exported with limited value addition,” he stated.
According to him, lower than 10% non-oil exports had some parts of worth addition whereas over 90% had been uncooked shipments. Cocoa exports, valued at about $2 billion, had solely round 10 p.c worth addition, whereas cashew exports of $760 million included simply $50 million value of processed merchandise.
Similarly, exports of gold, lead and zinc valued at $340 million had solely $40 million processed, whereas ginger, hibiscus and spices generated between $130 million and $180 million in exports, with processed merchandise accounting for simply $10 million.
Igbinakenzua stated the nation wanted to strengthen its capability to course of these commodities regionally reasonably than persevering with to export uncooked supplies and leaving worth on the desk.
He recognized unreliable provide chains, restricted entry to finance, insufficient infrastructure, weak company governance, inconsistent insurance policies and inadequate market intelligence as main constraints dealing with the non-oil export sector of our financial system.
He referred to as for incentives to encourage native processing, accredited testing establishments, shared processing amenities and long-term provide agreements to enhance manufacturing reliability and assist companies meet worldwide requirements.
The financial institution’s export financing actions have additionally expanded because it will increase assist for companies concerned within the non-oil export sector.
“Globus Bank’s Nigeria Export Proceeds volume grew from $23 million in 2021 to more than $200 million in 2025, while direct export financing rose from $12 million in 2021 to about $65 million in 2025,” Igbinakenzua stated.
The financial institution ranked ninth amongst Nigerian banks by export quantity, in accordance to figures offered on the summit and confirmed by CEO of Nigeria Export Promotion Council (NEPC), Mrs Nonye Ayeni.
He urged exporters to set up sound governance practices and display the capability to fulfil contracts, whereas encouraging monetary establishments and authorities companies to work collectively to handle the challenges confronting the sector.
Nonye Ayeni, govt director and chief govt officer of the Nigerian Export Promotion Council (NEPC), stated Nigeria recorded non-oil exports of $6.1 billion in 2025, with 8.02 million metric tonnes of merchandise shipped to about 120 international locations.
The exports coated 281 merchandise, together with cocoa, urea and fertilizer, cashew and sesame. However, Ayeni stated the nation nonetheless had room to develop manufacturing, enhance processing and improve the variety of companies collaborating in worldwide commerce.
“Nigeria had almost 50,000 registered exporters, but a small number accounted for about 70 percent of export value, highlighting the need to support small and medium-sized enterprises seeking to enter export markets,” she stated.
Ayeni urged banks to develop financing for small companies, notably these working inside agricultural clusters, whereas calling for enhancements in product high quality, certification and entry to new markets.
She additionally highlighted alternatives below the African Continental Free Trade Area, which covers about 54 international locations, a mixed gross home product of $3.4 trillion and a inhabitants of 1.4 billion.
Abubakar Abba Bello, managing director and chief govt officer of the Nigerian Export-Import Bank, represented by Daniella Jarikre-Ikazoboh, head of the Lagos regional workplace, stated entry to finance remained a significant constraint as a result of exporters typically pay for uncooked supplies, labour, processing, certification and logistics earlier than receiving fee from international patrons.
“Financing instruments such as pre-shipment and post-shipment facilities, export credit guarantees, receivables financing, letters of credit and equipment financing could help businesses execute contracts and manage transaction risks,” he stated.
Bello additionally referred to as for ahead integration, which includes transferring past the manufacturing of uncooked supplies into processing, manufacturing, packaging, branding, distribution and direct market entry.
He stated the method might improve home worth addition, create jobs, facilitate expertise switch and strengthen native industries. However, its success would depend upon dependable uncooked materials provides, enough vitality, expert personnel, applicable expertise and confirmed market demand.
Alhaji (Dr) Adeniji Murtadha Adeniyi, managing director of Starlink Global & Ideal Limited, stated in his keynote on navigating large-scale export operations and provide chain resilience that exporters should prioritise product high quality, dependable sourcing, logistics and contract compliance to compete successfully in worldwide markets.
He stated discovering international patrons was solely the start, and that high quality management should begin on the farm gate by means of dependable sourcing, aggregation and correct certification. Citing cargo theft and street disruptions that had affected his cocoa enterprise, he urged exporters to develop various routes, together with waterways and railways.
Adeniyi careworn integrity, monetary self-discipline and contract fulfilment as important to constructing belief with worldwide patrons and securing financial institution financing, and suggested exporters to study contracts rigorously for unfavourable clauses. He additionally urged the usage of expertise, dependable market knowledge and threat administration, and the diversification of suppliers to cut back publicity to local weather and market pressures.
He warned that exporters should put together for the European Union’s deforestation regulation, which he stated would have an effect on cocoa exports from December 2026, and referred to as for improved certification methods, infrastructure and coverage predictability. He added that banks had been more and more supporting exporters, however that companies should display integrity, sound governance and compensation capability.
John Alamu, founder and group managing director of CapitalSage Holdings, stated the price of financing native processing remained a significant impediment for Nigerian producers and exporters.
Using cocoa processing for instance, he stated a mixed processing capability of 48,000 metric tonnes at between N7 million and N7.2 million per tonne would require working capital of about N330 billion. At an rate of interest of 27 p.c, the financing value would exceed N90 billion.
Alamu stated banks typically favoured working capital over capital expenditure, leaving processors to depend on growth finance establishments and worldwide lenders for investments in gear and manufacturing amenities.
Alamu additionally stated processing cocoa into butter might multiply its worth about six instances, whereas changing it into chocolate might improve its worth greater than 30 instances.
Beyond financing, exporters face rising stress to meet worldwide traceability and sustainability necessities.
Participants on the summit warned that Nigeria’s agricultural exports might face better difficulties if producers failed to adjust to the European Union Deforestation Regulation, which requires companies to display the origin of commodities and set up that merchandise usually are not linked to deforestation.
Tarun Kumar Das, managing director of Springfield Agro Limited, stated Nigeria loses about $360 million by means of export bans, primarily affecting cocoa.
He warned that stricter sustainability necessities might create extra prices for smallholder farmers and exporters who lack the assets to preserve detailed manufacturing information.
He referred to as for farmers to be organised into cooperatives and for aggregators and off-takers to assist accumulate traceability info. Digital farm mapping, he stated, might enhance compliance and assist entry to worldwide markets.
At a separate panel on commerce facilitation, officers highlighted the National Single Window undertaking as an initiative designed to streamline commerce documentation and enhance coordination amongst regulatory companies.
Peter O. Ekukoya, director of the National Single Window Project, stated the primary part went dwell on March 27 and had stabilised after preliminary implementation challenges.
“The next phase was planned in two stages, with the first expected in December and the second, incorporating the Central Bank of Nigeria’s Trade Monitoring System, in the first quarter of the following year,” he stated.
The summit concluded with Globus Bank recognising its companions and organisations for his or her contributions to Nigeria’s non-oil export sector.
