To accelerate Nigeria’s transition from a commodity-dependent economy to a globally competitive industrial powerhouse, Sterling Bank Limited hosted the second edition of its “Excel in Non-Oil Export” Forum in Lagos around the theme, “Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export.”

Co-convened with Sunbeth Global Concepts Limited, the forum gathered leading exporters, policymakers, regulators, and financial experts to address the structural shifts required to maximise the country’s trade potential.

Deliberations were anchored on the case that Nigeria’s path to durable export resilience runs through processing, manufacturing, certification and export-grade compliance, not raw material volumes.

While Nigeria’s non-oil export sector reached a historic $6.1 billion (₦12.36 trillion) in 2025, representing an 11.5% year-on-year growth, the nation’s economy remains heavily exposed to external shocks, with crude oil continuing to dominate over 80% of foreign exchange earnings.

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The forum’s participants highlighted that the core challenge is not a lack of products, but the dearth of value addition to the raw materials being exported.

Delivering the opening address, Akporee Idenedo, Divisional Head, Commercial Banking at Sterling Bank, emphasised the urgent need for a paradigm shift.

“We are still exporting potential instead of full value,” Idenedo noted. “For example, while Nigeria is the 4th largest producer of cocoa beans globally, earning billions in export value, the finished chocolate market is an even bigger market that has not been fully maximised.

For the non-oil export segment of our economy to realise its trade potential, we must move from exporting raw goods to exporting finished products, competing on quality and value rather than just price.”

The event’s keynote address was delivered by Dr. Doyin Salami, Senior Fellow at the Lagos Business School and former Chief Economic Adviser to the President. Dr. Salami challenged the audience to rethink trade sovereignty by moving away from historical import-substitution models and toward building practical capabilities to participate in global trade on better terms.

Key insights from his presentation highlighted the complexity gap, noting that Nigeria currently ranks 130 out of 140 countries on the Economic Complexity Index because the nation overwhelmingly sells raw materials rather than finished goods.

He also emphasised compliance as a market asset, stating that meeting international regulatory standards, such as maximum residue limits for pesticides or deforestation-free sourcing, is no longer optional; rather, it is the fundamental price of global market access.

Finally, Dr. Salami introduced the compelling thesis that financial services, such as cross-border payments, trade finance, and economic intelligence, represent a massive, high-tier non-oil export opportunity for Nigeria.

Recognising that capital without capability is insufficient, Sterling Bank has heavily invested in ecosystem development, notably through its Non-Oil Export Academy, designed in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University.

Idenedo underscored the institution’s strategic role in funding this transformation, saying:

“At Sterling Bank, we recognise that true support for the non-oil sector goes beyond merely providing capital, and requires equipping businesses with the capability to use that capital effectively in highly regulated global markets.

By providing entrepreneurs with robust training on structured trade finance, letters of credit, compliance, risk management solutions, market access and more, we are actively funding the transition from raw commodity exportation to high-margin, value-added manufacturing that will enable Nigeria dominate the over 1.3 billion consumer market unlocked by the AfCFTA.”

The forum’s speakers included regulators, investors, and operators from across the export value chain, including Oluwaseyi Sanwoolu, Deputy Director, National Agency for Food and Drug Administration and Control (NAFDAC); Oame Airauhi, Group Head, Transaction Banking, Sterling Bank; Nwabugwu Chidinma, Head, Conformity Assessment Implementation Unit, Standards Organisation of Nigeria (SON); Olapeju Ibekwe, Chief Executive Officer, One Foundation; Arc. Benedict Itegbe, Regional Coordinator, Nigerian Export Promotion Council (NEPC); Chuks Aghaunor, Head, Trade Finance, Sterling Bank; Barr. Annabel Kamuche, Group Managing Director, NICERT; Dr. Brian Ssebunya, Deputy MD/Agriculture Director, EKOFIN; and Dr. Adebowale Adeyeye, MD/Group CEO of Creativo el Matador Group.

Dr. Olushola Obikanye, Sterling Bank’s Group Head of Agriculture and Solid Minerals Finance, delivered an expose on Nigeria’s agricultural potential, while Paul Ajiboye, Chief Operating Officer of Sunbeth Global Concepts, and Amit Bose, Chief Financial Officer at Valency Agro Nigeria, addressed solutions to the operational and financing realities facing exporters today.

As the African Continental Free Trade Area (AfCFTA) continues to expand market access, Sterling Bank remains committed to bridging the gap between policy and practice, ensuring that Nigeria’s wealth is grown, processed, and shipped to the world.

About Sterling Bank

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centres on Health, Education, Agriculture, Renewable Energy, and Transportation.

As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.