Sterling Bank supports Nigeria’s non-oil trade drive
June 26, 2026 12:54 am
By Jide Ajia
Sterling Bank Limited has thrown its weight behind Nigeria’s non-oil trade expansion drive by hosting the second edition of its “Excel in Non-Oil Export” Forum in Lagos to accelerate the country’s transition to a globally competitive industrial powerhouse.
The forum, co-convened with Sunbeth Global Concepts Limited under the theme “Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export,” gathered leading exporters, policymakers, regulators and financial experts to address the structural shifts required to maximise the country’s trade potential.
Delivering the opening address, the Divisional Head, Commercial Banking at Sterling Bank, Akporee Idenedo, 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 fourth 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 keynote address was delivered by a Senior Fellow at the Lagos Business School and former Chief Economic Adviser to the President, Dr Doyin Salami, who challenged the audience to rethink trade sovereignty by moving away from historical import-substitution models and towards building practical capabilities to participate in global trade on better terms.
Key insights from his presentation highlighted Nigeria’s complexity gap, noting that the country 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 the fundamental price of global market access. Furthermore, Dr Salami introduced the 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.
While Nigeria’s non-oil export sector reached a historic $6.1bn (N12.36tn) in 2025, representing an 11.5 per cent year-on-year growth, the nation’s economy remains heavily exposed to external shocks, with crude oil continuing to dominate over 80 per cent of foreign exchange earnings.
Recognising that capital without capability is insufficient, Sterling Bank has invested in ecosystem development through its Non-Oil Export Academy, designed in partnership with the Enterprise Development Centre 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, and market access, we are actively funding the transition from raw commodity exportation to high-margin, value-added manufacturing that will enable Nigeria to dominate the over 1.3 billion consumer market unlocked by the AfCFTA.”
The forum featured contributions from key industry regulators and operators, including the Deputy Director of the National Agency for Food and Drug Administration and Control, Oluwaseyi Sanwoolu; Group Head of Transaction Banking at Sterling Bank, Oame Airauhi; and the Regional Coordinator of the Nigerian Export Promotion Council, Arc. Benedict Itegbe, among others.
As the African Continental Free Trade Area continues to expand market access, Sterling Bank, a member of the Sterling Financial Holdings Group with over 60 years of banking heritage, reiterated its commitment to bridging the gap between policy and practice to ensure Nigeria’s wealth is grown, processed and shipped to the world.
Jide, a seasoned journalist with over 12-year experience, reports business-related stories
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