Business
NEPC Hails 3.2% Exports Appreciation
Executive Director, Nigerian Export Promotion Council (NEPC) Mr Olusegun Awolowo says Nigeria’s exports appreciation by 3.2 per cent confirmed that the present administration’s economic diversification is paying-off.
Awolowo said this in a statement by the Head, Corporate Communications of the council Mr Joe Itah, in Abuja.
He was reacting to recent release by the National Bureau of Statistics (NBS) on Nigeria’s economy.
According to him, this is proof that the economy has indeed recovered from recession and on the way to sustainable growth.
The report, which covered seven sectors of agriculture, oil and gas, raw materials, solid minerals, manufactured goods, energy and other oil related goods, puts Nigeria’s total export value at N3.1 trillion in second quarter of 2017.
“It represented an increase of 3.2 per cent over first quarter of 2017 and a very significant 73.48 per cent over second quarter of 2016,” he said.
The NEPC boss said that economic slowdown which began in 2014 was mainly as a result of shortfall in exports, which fell by more than eight trillion naira a year due to the crash in oil prices.
He said that the country, therefore, saw a strong correlation between economic recovery and improved export trade.
He noted that “I am, therefore, happy for the achievement of trade surplus due to exports.
“You may recall that in the corresponding period in 2016, our trade balance stood at a deficit of N572.12 billion.
“The statistics released showed a trade balance surplus of N506.5 billion in the
second quarter of 2017.”
Awolowo said NEPC focused entirely on leveraging the power of exports to transform the Nigerian economy, create jobs, lift people out of poverty and strengthen government’s finances.
He stated that in the second quarter of 2017, the continued strong performance of key agricultural products drove the future export agenda in the sector.
“Cashew nuts alone earned Nigeria N13.5 billion, primarily exported to Vietnam, India and Kazakhstan, while Sesame earned N7.02 billion, exported mainly to Japan, India and Turkey.
“Frozen shrimps and prawns earned over N2.83 billion, exported mainly to Netherlands, Belgium and U.S.
“Flour and meals of Soya bean earned N2.31 billion, exported mainly to Spain, Ghana and Senegal, while Ginger earned N633 million, exported mainly to Vietnam, Morocco and Sudan.”
He said other export products with strong growth potential, especially in the manufacturing sector, include cigarettes containing tobacco to Ivory Coast, Niger, Ghana; cement to Niger and Chad Republics and cocoa beans.
He added that the council’s efforts in the coming months would be to deepen Nigeria’s product penetration into these and other countries, and to radically increase the volume and value of sales.
“Although oil continues to dominate our exports with crude accounting for 42.57 per cent and other oil products 21.86 per cent, the future of our economy is beyond oil.
“This is clearly laid out in the ‘Zero Oil Agenda’, which is central in the country’s Economic Recovery and Growth Plan.”
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.