As Nigeria intensifies efforts to diversify its economy, Bamidele Ayemibo, CEO of 3TImpex Trade Consulting, has called on President Bola Tinubu to implement bold policy reforms aimed at slashing the cost of non-oil exports to make Nigerian goods more globally competitive.
In the eighth edition of a policy advisory series, Ayemibo emphasized that reducing export pricing is key to unlocking Nigeria’s export potential. “Reducing export pricing from Nigeria will significantly improve the competitiveness of Nigerian products in the export market,” he wrote.
“This enhancement will aid the government in achieving its objective of boosting the volume of non-oil exports in the country.”
The trade expert outlined a range of strategic interventions the federal government could undertake to cut business costs for exporters.
These include infrastructure upgrades, energy and freight subsidies, bulk material purchasing, tax breaks, and the establishment of logistics hubs near rail lines.
“The cost of moving goods from Nigeria to destination countries, especially within Africa, is outrageous,” Ayemibo said. “Shipping freight charge subsidies are essential if Nigerian products are to compete in regional and global markets.”Citing the Manufacturers Association of Nigeria, Ayemibo noted that 30% of production costs stem from energy. To mitigate this, he suggested that exporters should receive energy grants tied to their export volume, helping them reduce overall costs and offer better pricing.He also urged the Tinubu administration to invest in research and development, especially in agriculture, where better seedlings and farming inputs could boost yields and cut costs. “This investment can lead to more competitive pricing on the international market,” he added.Trade access also featured prominently in the recommendations. Ayemibo proposed that Nigeria sign new trade agreements to lower tariffs and improve market access. “Strategic trade agreements will help Nigerian exporters gain easier entry and lower-cost access into key markets,” he said.On logistics, he advocated reviving and incentivizing the use of inland ports and logistics hubs, saying: “These hubs would reduce the complexity and costs associated with logistics, making it easier for exporters to manage shipments and decrease overall transportation expenses.”Summing up his proposal, Ayemibo stressed that a deliberate, multi-pronged export pricing policy could elevate non-oil exports into a top source of foreign exchange for Nigeria. “If the policies discussed are considered and effectively implemented by the government,” he concluded, “they will significantly improve the competitiveness of Nigerian products in the export market.”This advisory comes at a time when Nigeria’s Q1 2025 non-oil exports reportedly rose by 24.75%, hitting $1.791 billion, according to the Nigerian Export Promotion Council.
