Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has urged the Federal Government to, as a matter of urgency, create fresh market routes to new trading partners.
 
Considering the persistent tariff tensions worldwide, Almona said this can be described as “new trade opportunities worth exploring” as Nigeria strives to push trade to new frontiers.
 
With Nigeria’s non-oil exports rising by 19.6 per cent to $3.225 billion in H1 of 2025, driven by global demand for products such as cocoa and urea/fertiliser, cashew nuts, she said, focus should be on these numbers by creating new market routes to new trade partners.
 
An increase in non-oil exports to 4.04 million metric tons from 3.83 million tons in the first half of 2024 shows an increased capacity to process non-oil exports and boost export earnings, she said. She, however, noted that the shrinking export earnings from the U.S. and below-the-mark crude oil prices may reduce FX inflows in the short term, when dollar liquidity is critical.    

“This also highlights the over-reliance on crude oil exports, suggesting a greater focus on boosting non-oil exports and intra-African trade. Our analysis of trade statistics from other countries presents a narrative of uncertainties. In the face of these challenges, we expect the government to reach out to strategic partners that would place Nigeria in a stronger negotiating position when needed,” she said.
 
Commending the signing of the Bilateral Air Service Agreement (BASA) with Brazil, she said the agreement will expand export markets, boost tourism and cultural exchange and unlock new trade routes for Nigerian businesses.

She said: “Beyond aviation, it offers opportunities for technical partnerships in aircraft maintenance, aerospace engineering and vocational training for Nigerian youth. The Nigeria–Brazil BASA should not be just about flights, but about creating new pathways for trade, mobility and job opportunities for Nigerian youths. It must therefore be activated quickly and strategically.”
 
Touching on the Tokyo International Conference on African Development (TICAD 9), she welcomed Japan’s $238 million collaborative financing framework for upgrading the country’s national electricity generation grid infrastructure. “As we invest fresh capital into the national grid, we must also consider investing in developing renewable energy infrastructure, boosting the adoption of CNG technologies and creating an enabling environment that encourages states and foreign investors to participate in creating value,” she said.
 
She further reiterated that Nigeria’s foreign policy must focus on translating agreements into tangible outcomes. “Again, we advise that the private sector be well-integrated in operationalising these agreements through follow-up mechanisms, setting clear timelines for implementation, and prioritising vocational and technical skills development in markets where they are required. Japan sees our youth as Africa’s biggest strength. Nigeria must equip its young people with the technical skills to compete globally.”