Nigeria’s non-oil export sector has experienced significant growth, with earnings reaching N4.8 trillion in the first half of 2025 a 391% increase from N977 billion in the same period of 2021.
Despite this surge, local investors face challenges in capitalizing on the boom.
Foreign operators, particularly from countries like India, China, Lebanon, and Vietnam, dominate the sector. These foreign investors often have access to cheaper funding and more favorable terms, allowing them to outbid local exporters and circumvent regulations such as the Nigerian Export Proceed (NXP) form, which mandates the repatriation of export proceeds.
Dr. Ojo Ajanaku, President of the National Cashew Association of Nigeria (NCAN), highlighted that local exporters struggle with high interest rates and administrative bottlenecks, making it difficult to compete. He suggested that the government could support local exporters by offering special agro-processing loans with minimal collateral and energy incentives to reduce production costs.
Economist Dr. Mark Ojobi emphasized the need for Nigeria to shift from exporting raw commodities like cocoa beans and cashew nuts to value-added products, which could significantly increase export earnings.
The Nigeria Export Promotion Council (NEPC) acknowledged the concerns raised by stakeholders but noted that issues related to interest rates and port delays fall under the jurisdiction of the Central Bank of Nigeria (CBN), commercial banks, and the Nigerian Ports Authority.