Amid the rapid expansion of Nigeria’s non-oil export sector, there are growing indications that local operators are losing out to foreign competitors, particularly from Asian countries such as India, China, Lebanon, and Vietnam.
Industry sources warn that while export diversification away from oil is yielding measurable growth, the economic benefits expected from this shift are being eroded by the dominance of foreign operators, whose business models allow them to control larger portions of the market and export proceeds.
According to data from the National Bureau of Statistics (NBS) and an appraisal by the Nigerian Export Promotion Council (NEPC), Nigeria’s non-oil export earnings surged to N4.8 trillion in the first half of 2025, representing a 391% increase compared to N977 billion recorded during the same period in 2021.
The NEPC Director-General, Nonye Ayeni, reacting to the performance report, said the figures demonstrate the positive impact of President Bola Tinubu’s “Renewed Hope Agenda.”
“We are seeing positive dividends of the President’s policies. Our mandate is to sustain momentum by working with the Ministry of Trade and Industry, the players, and stakeholders to provide incentives that encourage more exports,” Ayeni stated.
Analysts, however, caution that unless local exporters are empowered through access to finance, infrastructure, and trade facilitation support, the benefits of the ongoing export boom could continue to tilt in favour of foreign firms, undermining Nigeria’s drive for inclusive economic growth.
