Globus Bank Pushes to Boost Non-Oil Exports Through Financing and Local Manufacturing
AI Executive Briefing
Gemini Flash AI~45s readGlobus Bank hosted an export summit to address the critical need for increased financing and local manufacturing to enhance Nigeria's non-oil export sector. Stakeholders emphasized that while export volumes have grown, the reliance on raw material exports limits potential earnings and economic development.
Context & Background
- ✦Nigeria faces significant infrastructure, policy, and supply chain constraints that hinder the competitiveness of its non-oil exports in international markets.
- ✦The sector is under pressure to meet international traceability and sustainability standards, specifically the upcoming EU Deforestation Regulation.
Key Figures & Named Entities
•Elias Igbinakenzua, MD/CEO of Globus Bank, noted that less than 10% of non-oil exports currently undergo value addition.•Nonye Ayeni, CEO of the Nigeria Export Promotion Council (NEPC), reported that 8.02 million metric tonnes of products were shipped to 120 countries in 2025.
Outlook & Next Steps
The government is advancing the National Single Window project, with the next phase of implementation scheduled for December, followed by integration with the Central Bank of Nigeria’s Trade Monitoring System in the first quarter of the following year.
Key Takeaways
AI Summary- Nigeria's non-oil exports grew to $6.1 billion in 2025, but over 90% of these shipments consist of raw materials with minimal value addition.
- Major barriers to export competitiveness include infrastructure gaps, unreliable supply chains, limited access to finance, and upcoming international regulatory hurdles like the EU Deforestation Regulation.
- Financial institutions and industry leaders are advocating for increased local processing and the adoption of advanced financing instruments to boost the value of exported commodities.
Key Facts:2021-2025: Nigeria's non-oil export value increased from $3.45 billion in 2021 to $6.1 billion in 2025.2021-2025: Globus Bank's direct export financing grew from $12 million in 2021 to approximately $65 million in 2025.March 27: The first phase of the National Single Window project went live on March 27.
Editorial Excerpt
Globus Bank has called for increased export financing and local manufacturing to boost Nigeria’s non-oil exports, as stakeholders seek to address limited
Frequently Asked Questions About This Story
Why is there a push for local processing of Nigerian commodities?
Currently, over 90% of non-oil exports are raw shipments. Processing commodities locally—such as converting cocoa into butter or chocolate—can significantly increase the value of exports and create more jobs.
What is the significance of the EU Deforestation Regulation mentioned at the summit?
Starting in December 2026, this regulation will require exporters to prove that their commodities, such as cocoa, are not linked to deforestation, posing a compliance challenge for Nigerian exporters.
