Business
Market access, packaging, finance, key to export competitiveness – experts
LAGOS-Diversifying the Nigerian economy away from oil would require paying more attention to making agriculture and value-adding manufacturing export more competitive.
Good market penetration and effective packaging on the part of the exporter, as well as adequate financing from banks and government would be key to achieving this, stakeholders at the BusinessDay-organised seminar entitled, ‘Agric Transformation Agenda: The Role of Non-oil Export in Economic Diversification,’ have said.
Fidel Anyanna, programme director, Dalehan Limited, who also doubles as CEO, Horeb Safety & Security Services Limited, said export financing needs could be met through advance payment for overseas buyers, internally generated funds, credit from banks to other financial institutions, as well as credit provided by the government in the buyer country.
Anyanna added that Nigerian banks’ risk-averse behaviour often resulted in small scale firms being burdened with high requirements that constrained their access to loans and financial services.
He observed that exporters needed to know that banks often looked for collateral or security for proposed lending, as well as credit worthiness and capacity of the buyer to execute the orders within the stipulated delivery schedules.
He listed financial viability of the export contract, status of the buyer’s country, along with political and economic conditions in the buyer’s contract and compliance with export trade control and exchange control regulations in force, among prospect indicators.
He said while there should be adequate infrastructure and institutional support (incentives) from the government, intending exporters should increase their access to market information and garner good export training to develop capacity to cope with the strenuous demands of the international market.
“There is the need for exporters to train on packaging and standards. The international market is based on standards, not sentiment. When you package a product so well, even someone who does not want to buy can be forced to. Again, most farmers produce without a focus as to where the products are going,” he stressed.
Joseph Idiong, director-general, Association of Nigerian Exporters, said his group had thought it wise to propagate export financing, adding that farmers must be conscious of the fact that producing for export required different levels of technology, raw materials and training.
Ivana Osagie, managing director/ CEO, Notore Seeds, pointed out that the problems facing the agric export sector could be mitigated by clustering small-scale farmers and linking them up with large-scale players, to bring them to an understanding of key processes and procedures.
According to her, agriculture must be understood as a science, rather than an art, as people from research institutions or academic backgrounds needed to be instructed on practical agricultural processes, while more should be done to mechanise agriculture, encourage internal effectiveness and economies of scale.
She further observed that Nigerian banks must think of innovative ways of encouraging financing as it is done in other climes such as the United Kingdom and other countries in Europe.
“By using the right fertilizer, applying the best practices and approaches, one metric ton can be increased to the value of 10 metric tons,” she said.
Frank Aigbogun, publisher/CEO, BusinessDay,said though people often got frustrated with the way things were done in the country, they must begin to realise that things were gradually changing, even though some might consider the changes slow and halting.
He added that the likes of Notore and the Bank of Agriculture, which were doing a lot to diversify the Nigerian economy and increase non-oil exports should be emulated by other institutions.
BUSINESSDAY-
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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