Non-oil exports: Local investors lose out of N4.8trn boom 

Amid accelerated enlargement in Nigeria’s non-oil exports, determination are indications that section operators successful the assemblage are losing retired to their overseas counterparts, particularly those from Asian countries, notably, Indians, Chinese, Lebanese and Vietnamese.

Also manufacture operators person indicated that the expected economical benefits of a diversification from oil-dependent to non-oil export are being mislaid to the concern exemplary deployed by the overseas operators.

Reports from the National Bureau of Statistics, NBS, and appraisal by the Nigerian Exports Promotion Council, NEPC, has shown that with dependable growth, Nigeria’s non-oil net had surged to N4.8 trillion successful the archetypal fractional of 2025, up by implicit 391% from N977 cardinal recorded successful the corresponding play of 2021.

For the NEPC, this effect validates President Bola Tinubu’s “Renewed Hope Agenda.”

NEPC’s Director General, Nonye Ayeni, speaking connected the H1 2025 report, stressed:

“We are seeing affirmative dividends of the President’s policies. Our mandate is to prolong momentum by moving with the Ministry of Trade and Industry, the players and stakeholders to supply incentives that promote much exports.”

Yet, astir stakeholders successful the manufacture are present coating a antithetic picture, showing that the existent authorities of the assemblage was not arsenic rosy arsenic the numbers suggest.

While immoderate constituent to predominance of non-value added constituent of the statistics, others are much acrophobic with commercialized practices that person intelligibly undermined Nigeria’s involvement successful the sector.

Capital, administrative bottlenecks stifling existent maturation – NCAN:

Dr, Ojo Ajanaku, the President, National Cashew Association of Nigeria, NCAN, the umbrella assemblage of cashew farmers, processors, marketers and exporters, painted a disturbing representation of the likelihood stacked against members.

He told Financial Vanguard that members had the capableness to turn much and were consenting to lend to Nigeria’s Gross Domestic Product, GDP, done export, but were handicapped.

He stated: “We person truthful galore challenges. First, determination is the contented of funding. We would person done much than we are doing presently but truthful galore imaginable exporters among america are handicapped.”

According to him, the prohibitive involvement rates stay a immense huddle. 

He besides disclosed that foreigners presently predominate the Nigeria export trade, adding that they had amended backing with overseas currency, supported by amended woody from Nigeria’s fiscal institutions successful backing their exports.

Ajanaku stated: “These foreigners travel with cheaper funds, some from their location countries and from Nigerian banks, which they get astatine tenable involvement rates.

“Sometimes, they simply travel with a portfolio of documents to entree funds successful Nigerian banks. We arsenic Nigerians, cannot entree specified funds due to the fact that of collateral.

“These foreigners that bargain cashew and different export commodities from imaginable Nigerian exporters and producers, export these products without filling the Nigerian Export Proceed Form which is called NXP form.”

Ajanaku explained that by doing so, the Nigerian system is worse disconnected due to the fact that the bulk of the wealth they marque goes retired to their country’s economies since they don’y capable NXP Form that would person compelled them to repatriate each the proceeds to Nigeria.

“We besides person foreigners successful the tract putting unit connected our section farmers who judge that, if those foreigners permission the country, they’ll not get buyers to merchantability their products thereby harvesting the crops prematurely.

“This reduces the imaginable of the effect due to the fact that erstwhile you forcibly harvest cashew earlier maturity, you chopped down the angiosperm that is primitively expected to bud and nutrient different acceptable of cashew,’’ helium said.

Moreover, helium disclosed that the foreigners out-bid Nigerian operators successful the quest to get merchandise supplies from the section suppliers due to the fact that they are amended funded.

Ajanaku besides identified the situation of administrative bottlenecks imposed by assorted agencies of authorities astatine the ports.

Lamenting the consequences, helium stated: “We are not capable to conscionable with contractual presumption sometimes, owed to logistics situation and administrative bottlenecks. 

‘’Your goods volition not participate the ports erstwhile it’s expected to participate the ports and erstwhile it gets to the ports, it’s not shipped erstwhile it’s expected to beryllium shipped d...