The federal government is accelerating its push toward an export-driven economic model, with Finance and Coordinating Minister Wale Edun emphasizing that Nigeria must reposition itself as a major player in global trade to sustain growth. Speaking at the Stanbic IBTC Nigeria Business Summit in Lagos, Edun stressed that diversifying exports is central to lifting millions out of poverty, even as intra-African trade and structural bottlenecks threaten progress.
Edun highlighted that Nigeria’s GDP growth has risen to approximately 4 percent but acknowledged this remains insufficient to significantly improve livelihoods. “Our true potential lies in becoming a leading export economy,” he said, noting that expanding regional and global trade is critical for diversifying foreign exchange earnings and promoting inclusive economic growth. The minister cited improvements in foreign reserves, non-oil revenue growth, and recovering investor confidence as indicators that the country is better positioned to withstand external shocks.
Small and medium-sized enterprises (SMEs) were identified as pivotal to the country’s economic ambitions. Edun noted that SMEs make up over 90 percent of Nigerian businesses and employ a large portion of the workforce. He stressed that inclusive growth would require stronger public-private collaboration, predictable policies, and the removal of structural investment barriers. The launch of the National Single Window initiative, designed to automate trade processes, reduce permit processing times, and boost revenue, was also highlighted as a step toward more efficient trade.
However, stakeholders at the summit expressed concerns about Nigeria’s intra-African trade, which remains around 15 percent of total trade, far below its potential. Stella Okotete, Executive Director of the Nigeria Export-Import Bank (Nexim), warned that meaningful intra-African trade is essential for regional value chain development and industrialization. Experts also pointed to physical infrastructure gaps, including inefficient transport systems, as key obstacles to scaling trade beyond domestic borders.
Financing challenges for SMEs were another area of concern. Ifeoma Abdul, Head of Trade Business at Stanbic IBTC, noted that despite their central role in trade expansion, SMEs struggle to access the funding necessary to compete internationally. She recommended alternative financing methods such as supply chain finance, invoice discounting, and greater involvement of development finance institutions to reduce lending risks and support businesses in reaching regional and global markets.
source: The sun