NIGERIAN EXPORTS SURGE BY ₦4.7TN AS FIRMS ENTER 117 NEW MARKETS

Nigeria’s export earnings have increased by ₦4.7 trillion, with local companies expanding their reach into 117 new international markets as efforts to boost non-oil exports gain momentum.

The development highlights growing opportunities for Nigerian businesses to access customers beyond the domestic market and increase the country’s foreign exchange earnings.

Trade stakeholders said the expansion into new markets reflects increased efforts by exporters to diversify their destinations and reduce dependence on a limited number of trading partners.

The new markets are expected to provide opportunities for businesses operating across agriculture, manufacturing, processed goods, solid minerals, and other sectors with export potential.

Experts noted that stronger export performance could help Nigeria improve its balance of trade, increase foreign exchange inflows, and reduce pressure on the naira.

However, they stressed that exporters need better infrastructure, reliable power supply, efficient ports, competitive logistics, and easier access to trade finance to sustain the growth.

The government has continued to promote non-oil exports through initiatives aimed at improving product standards, supporting exporters, and opening access to international markets.

Stakeholders said expanding Nigeria’s export base would also help create jobs and encourage local production as businesses seek to meet international demand.

They urged exporters to maintain quality standards and take advantage of trade agreements that provide access to regional and global markets.

The latest growth in export activity signals increasing efforts by Nigerian businesses to compete internationally and strengthen the country’s position in global trade.