Analysts Demand Bold Foreign Policy Shift To Skyrocket Nigeria’s Non-Oil Exports!

Analysts have urged the Federal Government to recalibrate its foreign trade policy framework to actively support Nigerian non-oil exporters, especially in light of over 3,000 products now granted preferential access into the United Kingdom under new trade terms. According to iReporter Online, this strategic shift could significantly increase Nigeria’s foreign earnings and diversify its economic base.

With tariff battles escalating between the United States, the European Union, and BRICS-aligned nations, global trade is projected to reach historic lows, leading to disrupted supply chains, slowed economic growth, and deepening investment uncertainties—particularly across fragile EU markets.

According to iReporter Online, these tensions have already impacted global economic performance in Q2 2025, compounded by U.S. tariffs, geopolitical instability, and wavering investor confidence.

Analysts further emphasized that Nigeria’s recent alignment with BRICS requires cautious and calculated engagement, urging the Federal Government to select global partners wisely to safeguard the nation’s economic interests and international reputation.

According to iReporter Online, failing to do so could expose the country to diplomatic backlash and trade setbacks.

Data from FMDQ shows a 20.9% month-on-month drop in foreign exchange inflows into Nigeria, falling to USD3.83 billion in July from USD4.84 billion in June. The decline was attributed to reduced contributions from both foreign and local sources, with foreign direct investments (FDIs), foreign portfolio investments (FPIs), and other corporate inflows experiencing sharp declines.

Cordros Securities, referencing the FMDQ data, linked the trend to weak private investment and policy ambiguity, noting that the Exporters/Importers segment saw a steep 30.1% decline in inflows.

However, the Central Bank, individuals, and non-bank corporates showed marginal improvement, indicating some resilience in domestic participation.

Gabriel Idahosa, President of the Lagos Chamber of Commerce & Industry (LCCI), urged the Federal Government to intensify support for non-oil exporters and guide them toward emerging, tariff-friendly markets.

He noted that focusing on trade opportunities like the UK product concessions could significantly enhance the country’s foreign exchange earnings amidst global economic uncertainties.

”IREPORTER REPORTS”