Sheriff Balogun is the 20th national president of the Nigerian-American Chamber of Commerce (NACC) as well as the president of the Federation of Agricultural Commodity Associations (FACAN). In this interview with TOBI AWODIPE, he talks about opportunities the country can explore amid global trade tensions, the future of Nigeria-U.S. trade and why intra-African trade continues to remain low.
There have been lots of disruptions to global trade lately, especially with trade wars and tariff imposition. How would you say these have affected trade with the U.S., and which sectors have been affected most?
Global trade tensions have shaken things up. While Nigeria hasn’t been exactly directly targeted in these trade wars, the ripple effects are real. When global giants like the U.S. and China clash, it impacts commodity prices, demand shifts and even investment patterns. For Nigeria, this mostly affects oil exports to the U.S. But beyond oil, sectors like textiles, agriculture and light manufacturing, which were supposed to benefit from programmes like the Africa Growth and Opportunity Act (AGOA), have struggled due to limited capacity and challenges meeting U.S. standards.
Are there opportunities for Nigeria to diversify its trade and reduce dependence on Western markets?
Absolutely, and it is something we must do at once. The good news is that markets in Asia, the Middle East and even within Africa are growing fast. Countries like India, China and the UAE are hungry for what we can offer, not just raw commodities, but processed goods, tech services and much more. The African Continental Free Trade Area (AfCFTA) also gives us a massive regional platform. But to seize these opportunities, we need to build strong local industries and ensure our products meet international standards.
What can Nigeria do to develop new value chains and become more competitive globally?
It all starts with moving up the value chain. Instead of exporting raw cocoa, why not chocolate? Instead of crude oil, why not refined products or petrochemicals? Nigeria has the resources; we just need the infrastructure, the policies and willpower to process and package locally. Government and the private sector must work together to build skills, finance innovation, and promote local content. That’s how we stay competitive in today’s market.
What is your take on the current U.S.–Nigeria trade relationship? Do you think it will return to its normal?
The relationship is still solid, but there’s so much untapped potential.
Historically, our trade with the U.S. has been very oil heavy. If we want to strengthen the partnership, we need to broaden our trade basket. The U.S. is open to diverse imports, including fashion, tech, food, among others. But we must get our house in order first. If we can improve quality, certification, and logistics, I don’t see why the relationship can’t bounce back stronger than before.
How true is it that AGOA hasn’t really helped Nigeria?
To be honest, it is true. AGOA was a fantastic opportunity, but Nigeria didn’t take full advantage of it. Countries like Kenya and Ethiopia saw real growth in apparel and manufacturing exports, but we were still heavily focused on crude oil. Plus, our local industries faced hurdles, from power supply to quality control to market access. The intention behind AGOA was great, but implementation on our side fell short.
What needs to happen to boost intra-African trade in the next decade?
AfCFTA is a game changer — on paper. But we’re still in the early stages. African countries, including Nigeria, need to harmonise customs rules, reduce red tape and seriously upgrade transport and logistics networks. If we don’t fix things like border delays and inconsistent regulations, intra-African trade will remain low. The potential is massive, we just need better coordination and political will to unlock it.
What are the major challenges Nigerian exporters face today, and how can we tackle them?
Exporters deal with a lot of issues, ranging from poor infrastructure, inconsistent policies, lack of access to finance and long delays at ports. Sometimes it takes weeks to move goods through customs, which is not sustainable. To fix this, we need to simplify trade processes, modernise ports, offer more export financing options and ensure consistent, business-friendly policies. It’s doable, we just need to be intentional.
What strategies could help promote Nigeria’s non-oil exports, especially in high-growth areas?
We have got to start by identifying our strengths. Sectors like agro-processing, fashion, tech services, and cosmetics (like shea butter) have real global demand. We need to support producers with grants, export hubs, training, and better market access. Also, branding matters. Nigeria has great products that need better packaging and storytelling to appeal to international buyers.
How important is infrastructure to trade and economic growth, and what should Nigeria focus on?
Infrastructure is everything. You can’t move goods efficiently without good roads, ports, power and storage. Our ports are congested, rail is underdeveloped, and the power supply is unreliable. If we want to grow, we need to invest in modern ports, reliable electricity, especially for manufacturers, efficient road networks and cold storage for perishable goods.
Nigeria has several regional trade agreements, yet intra-African trade remains abysmally low. What is the issue?
It’s a mix of issues: poor infrastructure, lack of trust among neighbouring countries and too many trade barriers. Even within the Economic Community of West African States (ECOWAS), traders still face border delays, extra charges and very inconsistent rules and overnight policy changes. It is not that the agreements don’t exist; it’s that they’re not fully implemented. We need more political commitment and better regional coordination.
How can Nigeria increase its participation in regional and global trade? What sectors hold the most promise?
We can step up by building our capacity to compete, better trade infrastructure, stronger institutions and skilled labour. We also need to support MSMEs to scale and export. Sectors like processed foods, pharmaceuticals, tech outsourcing, creative industries and clean energy all hold promise. If we focus on quality and consistency, we can gain serious ground.
From a commodity trader’s perspective, how can we make trade easier and less costly?
Simplify, digitise and coordinate. We need a single-window system for trade documentation, automated customs and fewer agencies doing overlapping jobs. Inland dry ports and rail freight can reduce congestion at Apapa. And consistency is key; exporters need to know what rules apply and that those rules won’t change overnight. If we get those things right, trade will grow and costs will drop.
