Sterling Bank Rallies Stakeholders To Boost Non-Oil Exports At 2026 Forum

To accelerate Nigeria’s transition from a commodity-dependent economy to a globally competitive industrial powerhouse, Sterling Bank Limited hosted the second edition of its “Excel in Non-Oil Export’ Forum in Lagos around the theme ‘Reclaiming Sovereignty: Value Addition, Compliance, and the Future of Nigeria’s Non-Oil Export.”

Co-convened   with   Sunbeth   Global   Concepts   Limited,   the   forum   gathered   leading exporters, policymakers, regulators, and financial experts to address the structural shifts required to maximise the country’s trade potential. 

Deliberations were anchored on the case   that   Nigeria’s   path   to   durable   export   resilience   runs   through   processing, manufacturing, certification and export-grade compliance, not raw material volumes.

While Nigeria’s non-oil export sector reached a historic $6.1 billion ( 12.36 trillion) in 2025,₦  representing   an   11.5%   year-on-year   growth,   the   nation’s   economy   remains   heavily exposed to external shocks, with crude oil continuing to dominate over 80% of foreign exchange earnings. 

The forum’s participants highlighted that the core challenge is not a lack of products, but the dearth of value addition to the raw materials being exported.

Delivering the opening address, Akporee Idenedo, Divisional Head, Commercial Banking at Sterling Bank, emphasised the urgent need for a paradigm shift. “We are still exporting potential instead of full value,” Idenedo noted. “For example, while Nigeria is the 4th 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. 

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 Dr. Doyin Salami, Senior Fellow at the Lagos Business School and former Chief Economic Adviser to the President. Dr. 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.

Key insights from his presentation highlighted the complexity gap, noting 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. 

Finally, Dr. 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.

Recognising that capital without capability is insufficient, Sterling Bank 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 forum’s speakers included regulators, investors, and operators from across the export value chain, including Oluwaseyi Sanwoolu, Deputy Director, National Agency for Food and Drug Administration and Control (NAFDAC); Oame Airauhi, Group Head, Transaction Banking,   Sterling   Bank;   Nwabugwu   Chidinma,   Head,   Conformity   Assessment Implementation Unit, Standards Organisation of Nigeria (SON); Olapeju Ibekwe, Chief Executive Officer, One Foundation; Arc. Benedict Itegbe, Regional Coordinator, Nigerian Export Promotion Council (NEPC); Chuks Aghaunor, Head, Trade Finance, Sterling Bank; Barr. Annabel Kamuche, Group Managing Director, NICERT; Dr. Brian Ssebunya, Deputy MD/Agriculture   Director,   EKOFIN,   and   Dr.   Adebowale   Adeyeye,   MD/Group   CEO   of Creativo el Matador Group. 

Dr. Olushola Obikanye, Sterling Bank’s Group Head of Agriculture and Solid Minerals Finance delivered an expose on Nigeria’s agriculture potential, while Paul Ajiboye, Chief Operating   Officer   of   Sunbeth   Global   Concepts;   Amit   Bose   Chief   Financial Officer  at Valency Agro Nigeria, addressed solutions to the operational and financing realities facing exporters today.

As the African Continental Free Trade Area (AfCFTA) continues to expand market access, Sterling Bank remains committed to bridging the gap between policy and practice, ensuring that Nigeria’s wealth is grown, processed, and shipped to the world.//Ends.

About Sterling Bank

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. 

As pioneers in digital banking and financial inclusion, Sterling continues to lead   by   example,   showing   how   purpose-driven   leadership   can   deliver   transformative outcomes for individuals, businesses, and society at large.Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.