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International trade

Nigeria's Foreign Policy Must Focus on Tangible Outcomes: LCCI

Strategic Insights

— 1 min read

As President Bola Ahmed Tinubu engages in diplomatic missions with key countries, the Lagos Chamber of Commerce and Industry (LCCI) has emphasized the need for Nigeria's foreign policy to prioritize tangible outcomes. The Chamber views the recent agreements on aviation, trade, and infrastructure as a promising start but warns that execution will determine the country's lasting economic gains. The LCCI has urged the government to integrate the private sector in operationalizing these agreements, ensuring clear timelines and focusing on vocational and technical skills development in required markets.

Key Takeaways:

  • Nigeria's non-oil exports rose 19.6% in the first half of 2025, driven by global demand for cocoa, urea fertiliser, and cashew nuts, with exports reaching $3.225 billion.
  • Export volumes climbed, with shipments reaching 4.04 million metric tonnes, up from 3.83 million tonnes in the same period last year.
  • The Chamber warned that faltering oil receipts, particularly from the United States, may offset non-oil export gains, highlighting Nigeria's longstanding vulnerability to oil price fluctuations.
  • The LCCI called for the consolidation of non-oil growth and strengthening of intra-African trade, with over 80% of foreign exchange inflows still coming from crude oil exports.
  • President Tinubu's diplomatic missions, including the signing of a Bilateral Air Service Agreement (BASA) with Brazil and a $238 million collaborative financing framework for upgrading Nigeria's national electricity generation grid infrastructure with Japan, were hailed as promising developments.

Statistics:

  • Non-oil exports rose 19.6% in the first half of 2025 to $3.225 billion.
  • Export volumes increased to 4.04 million metric tonnes from 3.83 million tonnes in the same period last year.
  • Nigeria's foreign exchange inflows are down due to shrinking crude oil exports, particularly from the United States.
  • Over 80% of foreign exchange inflows still come from crude oil exports.
  • The collaborative financing framework with Japan is worth $238 million.

Sources:

  • The Guardian Newspaper
  • The Nigerian Tribune

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