Nigeria’s growing trade engagements with China, the United Kingdom and Brazil are creating new opportunities for local exporters, but limited domestic production capacity could prevent businesses from fully benefiting from expanded market access.
The recent trade agreements are expected to strengthen Nigeria’s access to international markets and create opportunities for exporters across agriculture, manufacturing and other non-oil sectors. However, industry leaders say greater investment is needed to ensure Nigerian businesses can supply these markets competitively and consistently.
A major challenge remains Nigeria’s reliance on raw commodity exports. While the country has significant agricultural and natural resources, much of its export trade continues to involve unprocessed products, limiting the value captured domestically.
Bolaji Sofoluwe, Managing Director of ETK Group, highlighted the need for increased investment in local processing, trade finance and regional supply chains to strengthen Nigeria’s export competitiveness. Developing more value-added products could allow businesses to earn more from existing resources while creating jobs and supporting industrial growth.
Improved access to finance is also critical for exporters seeking to scale production, meet international standards and take advantage of new markets. Stronger regional supply chains could further help Nigerian companies connect with buyers across Africa and beyond.
With new trade opportunities emerging, Nigeria’s ability to convert market access into sustained export growth will depend increasingly on domestic production, value addition and the capacity of local businesses to compete in global markets.