Sterling Bank Champions Nigeria’s Trade Sovereignty

Sterling Bank Limited has called for a shift from raw commodity exports to value-added, export-grade manufacturing as Nigeria seeks to reduce dependence on crude oil.

At the second edition of its Excel in Non-Oil Export Forum held in Lagos themed ‘Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export’, the bank and co-convenor Sunbeth Global Concepts gathered exporters, regulators and financial experts to tackle compliance and processing gaps.

Despite non-oil exports hitting a historic $6.1 trillion in 2025, crude oil still accounts for over 80 per cent of FX earnings, highlighting the need to process, certify and manufacture finished goods for global markets.

The divisional head, commercial banking at Sterling Bank, Akporee Idenedo emphasised the urgent need for a paradigm shift. “We are still exporting potential instead of full value. For example, while Nigeria is the fourth largest producer of cocoa beans globally, earning billions in export value, the finished chocolate market is an even bigger market that has not been fully maximised,” Idenedo noted.

He added that “for the non-oil export segment of our economy to realise its trade potential, we must move from exporting raw goods to exporting finished products, competing on quality and value rather than just price.”

The event’s keynote address was delivered by senior fellow at the Lagos Business School and former chief economic adviser to the President, Dr. Salami, Dr. Doyin Salami, challenged the audience to rethink trade sovereignty by moving away from historical import-substitution models and toward building practical capabilities to participate in global trade on better terms.

He noted that Nigeria currently ranks 130 out of 140 countries on the Economic Complexity Index because the nation overwhelmingly sells raw materials rather than finished goods.

He also emphasised compliance as a market asset, stating that meeting international regulatory standards, such as maximum residue limits for pesticides or deforestation-free sourcing, is no longer optional, rather, it is the fundamental price of global market access.

Salami introduced the compelling thesis that financial services, such as cross-border payments, trade finance, and economic intelligence, represent a massive, high-tier non-oil export opportunity for Nigeria.

Sterling Bank said it has heavily invested in ecosystem development, notably through its Non-Oil Export Academy, designed in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University.

Idenedo underscored the institution’s strategic role in funding this transformation, saying, “at Sterling Bank, we recognise that true support for the non-oil sector goes beyond merely providing capital, and requires equipping businesses with the capability to use that capital effectively in highly regulated global markets.

“By providing entrepreneurs with robust training on structured trade finance, letters of credit, compliance, risk management solutions, market access and more, we are actively funding the transition from raw commodity exportation to high-margin, value-added manufacturing that will enable Nigeria dominate the over 1.3 billion consumer market unlocked by the AfCFTA.”

The speakers at the forum included regulators, investors, and operators from across the export value chain, including deputy director, National Agency for Food and Drug Administration and Control (NAFDAC), Oluwaseyi Sanwoolu; Group head, Transaction Banking, Sterling Bank, Oame Airauhi; and head, Conformity Assessment Implementation Unit, Standards Organisation of Nigeria (SON), Nwabugwu Chidinma.