As Nigeria intensifies efforts to boost foreign exchange inflows, trade experts have emphasised the urgent need to increase the number of exporters relative to importers in the country.
Speaking at a town hall meeting organised by the Bankers’ Committee in Lagos on Monday, Dr. Bamidele Ayemibo, Lead Consultant at 3T Impex Consulting, stressed that expanding Nigeria’s exporter base is vital for sustainable forex generation.
“My recommendation would be that we must urgently increase the number of exporters in Nigeria.
“Considering that the NEPC has confirmed that we have only about 1,200 exporters, while other countries boast tens of thousands, we need to be deliberate in expanding our export community”, he said.
He noted that many importers are already partially prepared for export and must begin to take it seriously.
“So they won’t have to queue up at the CBN, trying to look for FX every now and then, because they can generate it themselves. We must improve on our quality and standards, which is very imperative.”
Ayemibo also called for access to single-digit interest rates for exporters and emphasized the need for an export-ready population.
At the event, themed “Enhancing the Effectiveness of Nigerian Products,” Ayemibo highlighted the importance of educating potential exporters on alternative means of raising capital beyond traditional banking systems.
“There’s no barrier at the port, in my opinion, because I’m an exporter,” he said. “Yes, funding is a challenge, so single-digit funding becomes extremely important. But more important is for people to be export-ready. If we get more people export-ready, they’ll raise funds through various channels—venture capital, private investors—it doesn’t have to be through the bank, especially with high-interest rates.”
Earlier, Dr. Aisha Olatiwon, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria, said the town hall meeting came at a crucial time, offering a platform to collectively tackle issues hindering export growth.
“The theme underscores the urgency of raising our standards to meet international benchmarks—not only to boost exports but also to inspire confidence in locally produced goods,” Olatiwon said. “From agriculture and manufacturing to fashion, technology, and the creative industries, our competitiveness depends on how well we align with global best practices.”
Also speaking, Dr. Chinyere Tony-Eke, Group Head of Digital Banking at Globus Bank, emphasized the need for Nigeria to pivot toward an export-dependent economic model.
She called for structured collaboration between the government, individuals, and the private sector to drive the export agenda forward.
“To gain a competitive edge internationally, targeted capacity-building must be directed at both companies and individuals, especially in local communities,” Tony-Eke said. “Awareness of export opportunities exists, but the real barrier is access—and the know-how required to break into that space.”
Mr. Ayo Subair, Executive Chairman of the Lagos Inland Revenue Service (LIRS), noted that the financial sector continues to play a critical role in driving innovation, entrepreneurship, and national growth.
“The theme of this town hall aligns with the shared aspirations of the public and private sectors—unlocking the full potential of Nigeria’s financial system to support export diversification and enhance product quality, packaging, and branding,” Subair said.
He stressed the importance of a transparent and efficient tax system, noting that “it is through taxation that we build the infrastructure, services, and policies that businesses require to flourish and innovate.”
Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), also weighed in on the importance of reducing the cost of funds and energy for businesses to thrive.
“One thing that is very important, as many have pointed out, is that we need to do more locally to make our products competitive. But this requires changes in the way we operate,” Meshioye said. “The banking sector needs to rethink its role in enabling production competitiveness.”
He revealed that manufacturers spent about N1.3 trillion on interest payments and N1.2 trillion on energy costs in 2024 alone. “These two items—cost of funds and energy—constitute about 30 to 40 percent of production expenses. Addressing them is critical to becoming globally competitive.”
Meshioye concluded by calling for deliberate efforts to support export-oriented businesses, stating that “we can only export if the quality is right and if we can produce goods of high quality at competitive prices.”