Federal Govt Pushes Production-Driven Economy As Non-Oil Exports Hit $6.1bn

The Federal Government has called for a shift from trading to production as Nigeria’s non-oil exports surpassed $6.1 billion in 2025, stressing the need to strengthen local manufacturing, add value to raw materials and expand the country’s presence in global markets.

The Minister of State for Industry, Trade and Investment, Senator John Enoh, who represented President Bola Tinubu at the opening of the 40th Lagos International Trade Fair, said Nigeria must prioritise production if it intends to compete effectively in the global economy.

Enoh, who spoke at the event held yesterday, said the country must move beyond buying and selling to producing goods that can compete in international markets, noting that sustainable economic growth depends on domestic production, value addition and job creation.

According to him, Nigeria must sell to the world to avoid being at the mercy of the world.

He said, “Trade without production is merely buying and selling other people’s work. True growth will only come when we make things, add value and employ people at home.”

The minister disclosed that non-oil exports exceeded $6.1 billion in 2025, while capital importation reached approximately $21 billion within the same period, describing the figures as evidence of renewed confidence in the Nigerian economy.

He said the figures presented an opportunity for the country to consolidate its economic reforms and strengthen the productive sectors.

Enoh recalled that when the Tinubu administration assumed office in May 2023, it inherited an economy facing significant challenges, including a distorted foreign exchange market, depleted external reserves, rising inflation and the burden of fuel subsidy payments.

He, however, said the government had embarked on reforms to address the structural challenges and reposition the economy for sustainable growth.

Providing an update on the economy, he said Nigeria’s gross external reserves stood at approximately $55.07 billion as of October 2026, while net reserves exceeded $40 billion.

He added that headline inflation had declined from above 34 per cent at its peak to 14.63 per cent in September 2026, while the economy recorded a growth rate of 4.43 per cent in the second quarter of 2026.

The minister said the economic indicators reinforced the need to build a production-driven economy capable of generating employment, increasing exports and attracting sustainable investments.

He linked the objectives to the theme of the 40th Lagos International Trade Fair, ‘Trade, Growth and Global Connection’, noting that the African Continental Free Trade Area (AfCFTA) offered Nigeria access to a market of approximately 1.4 billion people.

However, he said the country must improve product standards, accelerate customs clearance procedures and remove unnecessary trade barriers to take full advantage of the continental market.

Enoh also highlighted the Nigeria Industrial Policy, recently approved by the Federal Executive Council, as a strategic framework for strengthening manufacturing, deepening local value chains and transforming the country’s raw materials into finished products.

He said effective implementation of the policy would help Nigerian businesses improve their competitiveness and increase the country’s share of international trade.

Also speaking, Lagos State Governor, Mr Babajide Sanwo-Olu, said the 40th edition of the trade fair should provide opportunities for businesses to secure buyers, attract investments and strengthen supply chains.

Sanwo-Olu, who was represented at the event, said Lagos was committed to positioning itself as a major manufacturing and commercial hub, urging businesses to increase production, processing and value addition.

With more than 1,000 exhibitors expected from over 20 countries, he said the fair would provide a platform for businesses to establish partnerships and explore opportunities across regional and international markets.

The governor cited Lagos State’s first-place ranking in the 2025 Presidential Enabling Business Environment Council (PEBEC) Subnational Ease of Doing Business Report, where it scored 85.6 per cent.

He also highlighted the Lagos State Industrial Policy 2025-2030 and the Lagos State Export Readiness Programme, which has supported 253 small and medium-scale enterprises to prepare their products for international markets.

According to him, many micro, small and medium enterprises in the state have the products and determination to compete globally but require access to finance, technology and larger markets to realise their potential.

He urged exhibitors to take advantage of the fair’s business-to-business and business-to-government platforms to establish commercial relationships and attract the investments required to expand their operations.

In his remarks, President of the Lagos Chamber of Commerce and Industry (LCCI), Engr. Leye Kupoluyi, said the trade fair had, over the past 40 years, played a significant role in connecting producers with consumers and facilitating business relationships across industries and international borders.

Kupoluyi said the Chamber was focused on ensuring that participation in the fair translated into tangible commercial partnerships, business expansion and stronger enterprises.

He noted that Nigerian businesses had demonstrated resilience and resourcefulness despite operating in a challenging environment.

However, he stressed that businesses required reliable infrastructure, affordable financing, efficient logistics, improved security and predictable government policies to expand production and compete effectively in domestic and international markets.