Sterling Bank Advocates for Commodity Processing in Exports

Sterling Bank, in collaboration with Sunbeth Global Concept Limited, has identified commodity processing as a vital strategy for boosting Nigeria's non-oil exports, which are projected to reach $6.1 billion (₦12.36 trillion) by 2025, representing an 11.5% year-on-year growth. Mr.

Akpore Idinedo, Division Head of Commercial Banking at Sterling Bank, stressed the urgent need for a paradigm shift from exporting raw commodities to adding value before export. He highlighted Nigeria's position as the fourth-largest producer of cocoa beans globally, noting that the country has not fully maximized its potential in the finished chocolate market.

Dr. Doyin Salami, a senior fellow at Lagos Business School and former Chief Economic Adviser to President Muhammadu Buhari, challenged the audience to rethink trade sovereignty and move away from historical import substitution models.

He pointed out that Nigeria currently ranks between 130 and 140 in the Economic Complexity Index, primarily exporting raw materials rather than processed goods.