The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to swiftly translate recent international agreements into tangible economic outcomes that will strengthen Nigeria’s trade competitiveness and foreign exchange inflows.
The Chamber emphasized that the country must leverage new strategic partnerships, particularly those secured during President Bola Tinubu’s recent missions to Brazil and Japan, to expand non-oil exports, diversify revenue streams, and create inclusive growth opportunities.
LCCI Director-General Dr. Chinyere Almona noted that Nigeria’s non-oil exports grew by 19.6 per cent to $3.225bn in the first half of 2025, up from $2.7bn in the same period last year.
Export volumes also increased to 4.04 million metric tons from 3.83 million tons in the first half of 2024, underscoring Nigeria’s rising capacity in processing and exporting key commodities such as cocoa, urea/fertilizer, and cashew nuts.
However, LCCI warned that declining crude oil earnings, coupled with shrinking U.S. export inflows and below-par global oil prices, could constrain dollar liquidity in the short term. This, it said, reinforces the urgent need to accelerate non-oil export growth and deepen intra-African trade in order to reduce overdependence on petroleum revenues.
The Chamber commended the Federal Government for signing the Bilateral Air Service Agreement (BASA) with Brazil, stressing that the deal represents more than just direct flights between the two nations.
According to LCCI, the BASA has the potential to unlock new trade corridors, boost tourism, enhance cultural exchange, and create opportunities for technical partnerships in aerospace engineering, aircraft maintenance, and vocational training for Nigerian youths. It urged quick and strategic activation of the agreement to maximize its value for trade and job creation.
On Nigeria’s engagements with Japan, the Chamber welcomed Tokyo’s pledge of $238m under a collaborative financing framework to upgrade the national electricity grid.
It described the intervention as a significant boost to Nigeria’s energy infrastructure while also urging the government to complement the investment with policies that promote renewable energy adoption, compressed natural gas (CNG) technologies, and state-level participation in power projects.
LCCI also highlighted the need for vocational and technical training that will enable Nigeria’s young workforce to seize opportunities in labour-intensive and high-manufacturing sectors where Japan has global expertise.
“The real value of these agreements lies not in the signing ceremonies abroad but in the tangible economic benefits they deliver at home,” Almona stated.
She emphasized that Nigeria’s foreign policy must prioritize implementation through follow-up mechanisms, private sector integration, and clear timelines that link international diplomacy with domestic industrial growth.
LCCI further advised that Nigeria rebrand itself as a reform-driven, youth-powered, and investment-ready economy by channeling recent partnerships into practical outcomes across aviation, ICT, manufacturing, and energy.
By doing so, the country can shift the global narrative from one of uncertainty to one of opportunity, while equipping its youthful population with skills to compete in the global economy.
