As Nigeria strives to push trade to new frontiers, with President Bola Ahmed Tinubu’s recent diplomatic missions to Brazil and Japan, the Lagos Chamber of Commerce and Industry (LCCI) has urged the government to leverage the foreign policy with a focus on translating agreements into tangible outcomes.
While the chamber applauded the presidents diplomatic engagements, which produced a series of accords on aviation, trade, and infrastructure, it pointed that execution will determine whether the country can secure lasting economic gains amid volatile global trade flows and weakening oil revenues.
Director General of the chamber, Chinyere Almona, said Nigeria’s foreign policy must now focus on translating agreements into tangible outcomes, advising 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.
Nigeria’s non-oil exports rose 19.6 per cent in the first half of 2025 to $3.225 billion, driven by global demand for cocoa, urea fertiliser, and cashew nuts, according to figures cited by the LCCI. Export volumes also climbed, with shipments reaching 4.04 million metric tonnes, up from 3.83 million tonnes in the same period last year — a sign of expanding processing capacity in parts of the non-oil economy.
Yet the Chamber warned that the gains risk being offset by faltering oil receipts, particularly from the United States, where Nigerian crude exports have been shrinking. “The shrinking export earnings from the U.S. and the below-the-mark crude oil prices may reduce the country’s FX inflows in the short term, when dollar liquidity is critical,” Almona said.
The message underscored Nigeria’s longstanding vulnerability, noting that while non-oil exports are rising from a low base, crude oil still accounts for more than 80 per cent of foreign exchange inflows. For the LCCI, this imbalance heightens the need to consolidate non-oil growth and strengthen intra-African trade under the African Continental Free Trade Area (AfCFTA).
“Our analysis of trade statistics from other countries presents a narrative of uncertainties. In the face of these challenges, LCCI expects the government to reach out to strategic partners that would place Nigeria in a stronger negotiating position when needed.”
Among the highlights of Tinubu’s recent diplomatic forays was the signing of a Bilateral Air Service Agreement (BASA) with Brazil, which enables direct flights between the two nations for the first time. LCCI described the agreement as a “new trade opportunity worth exploring” in a global environment where tariff tensions are creating openings for new commercial relationships.
The Chamber argued that the BASA should be about more than aviation links. “This agreement will expand export markets, boost tourism and cultural exchange, and unlock new trade routes for Nigerian businesses. 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.”
In Tokyo, the Nigerian delegation secured Japan’s commitment to a $238 million collaborative financing framework for upgrading Nigeria’s national electricity generation grid infrastructure under the Tokyo International Conference on African Development (TICAD 9). The Chamber welcomed the gesture but pressed for an expansion of focus to cover renewables and alternative energy.
“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,” the LCCI advised.
The Chamber also stressed that Japan’s interest in Africa is anchored in its recognition of the continent’s youth population as a comparative advantage in global markets. “Japan sees our youth as Africa’s biggest strength. Nigeria must equip its young people with the technical skills to compete globally,” the statement added.
For the Chamber, the central challenge now is shifting the country’s diplomacy from symbolic achievements to measurable outcomes. It argued that the government must avoid a pattern where high-profile international deals fail to deliver impact on the ground.