Globus Bank has known 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 government officer of the financial institution, mentioned Nigeria had vital 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 mentioned.
According to him, lower than 10% non-oil exports had some components of worth addition whereas over 90% have been uncooked shipments. Cocoa exports, valued at about $2 billion, had solely round 10 % worth addition, whereas cashew exports of $760 million included simply $50 million price 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 mentioned the nation wanted to strengthen its capability to course of these commodities regionally somewhat 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 known 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 help 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 mentioned.
The financial institution ranked ninth amongst Nigerian banks by export quantity, in accordance to figures introduced 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 businesses to work collectively to handle the challenges confronting the sector.
Nonye Ayeni, government director and chief government officer of the Nigerian Export Promotion Council (NEPC), mentioned Nigeria recorded non-oil exports of $6.1 billion in 2025, with 8.02 million metric tonnes of merchandise shipped to about 120 nations.
The exports coated 281 merchandise, together with cocoa, urea and fertilizer, cashew and sesame. However, Ayeni mentioned the nation nonetheless had room to develop manufacturing, enhance processing and enhance 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 mentioned.
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 nations, a mixed gross home product of $3.4 trillion and a inhabitants of 1.4 billion.
Abubakar Abba Bello, managing director and chief government officer of the Nigerian Export-Import Bank, represented by Daniella Jarikre-Ikazoboh, head of the Lagos regional workplace, mentioned 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 cost 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 mentioned.
Bello additionally known as for ahead integration, which entails shifting past the manufacturing of uncooked supplies into processing, manufacturing, packaging, branding, distribution and direct market entry.
He mentioned the strategy might enhance home worth addition, create jobs, facilitate know-how switch and strengthen native industries. However, its success would rely on dependable uncooked materials provides, satisfactory power, expert personnel, applicable know-how and confirmed market demand.
Alhaji (Dr) Adeniji Murtadha Adeniyi, managing director of Starlink Global & Ideal Limited, mentioned 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 mentioned 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 harassed integrity, monetary self-discipline and contract fulfilment as important to constructing belief with worldwide patrons and securing financial institution financing, and suggested exporters to look at contracts fastidiously for unfavourable clauses. He additionally urged the usage of know-how, 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 mentioned would have an effect on cocoa exports from December 2026, and known as for improved certification programs, infrastructure and coverage predictability. He added that banks have 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, mentioned the price of financing native processing remained a significant impediment for Nigerian producers and exporters.
Using cocoa processing for instance, he mentioned 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 %, the financing price would exceed N90 billion.
Alamu mentioned banks typically favoured working capital over capital expenditure, leaving processors to depend on improvement finance establishments and worldwide lenders for investments in gear and manufacturing amenities.
Alamu additionally mentioned processing cocoa into butter might multiply its worth about six occasions, whereas changing it into chocolate might enhance its worth greater than 30 occasions.
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 higher 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, mentioned Nigeria loses about $360 million by means of export bans, primarily affecting cocoa.
He warned that stricter sustainability necessities might create further prices for smallholder farmers and exporters who lack the assets to keep detailed manufacturing information.
He known as for farmers to be organised into cooperatives and for aggregators and off-takers to assist accumulate traceability data. Digital farm mapping, he mentioned, might enhance compliance and help 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 businesses.
Peter O. Ekukoya, director of the National Single Window Project, mentioned 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 mentioned.
The summit concluded with Globus Bank recognising its companions and organisations for his or her contributions to Nigeria’s non-oil export sector.
