Lagos to Launch New Industrial Policy as Nigeria’s Non-Oil Exports Hit N9.2 Trillion in 9 Months

In a significant move toward achieving a $1 trillion economy, the Lagos State Government has announced plans to unveil a new industrial policy by April 30, 2026. This initiative is part of its broader strategy to diversify the economy and boost industrial growth.

The disclosure was made by Mrs. Folashade Kaosarat Bada Ambrose, the Honourable Commissioner for Commerce, Cooperatives, Trade, and Investment in Lagos State, during the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Roundtable Meeting on Trade and Export Competitiveness held Tuesday in Lagos.

The Commissioner emphasized that a targeted industrial policy should steer national efforts, with clear focus on export priority sectors such as shea, cocoa, lithium, textiles, and petrochemicals. She highlighted the importance of supporting these sectors through tax incentives, subsidized power, and dedicated industrial clusters. Using the shea industry as an example, she pointed out that Nigeria supplies 40 percent of the global raw shea nuts but captures only 1 percent of the global market value. She stressed that with coordinated policy efforts, processing zones can be established, financing made accessible, raw exports regulated, and Nigerian shea products positioned competitively on the global stage. “This challenge is not about resources, but about coordination,” she said.

Mrs. Ambrose further announced that Lagos is aligning with the federal government’s industrial policy. Following the recent launch of the national industrial policy, Lagos will also unveil its own Lagos State Industrial Policy (LSIP) at the end of April 2026. The LSIP aims to create an enabling environment that fosters sustainable investment, infrastructure development, and industrial growth—key pillars aligned with the state’s T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052). She urged other states to align their policies for effective implementation of the national industrial strategy.

She also highlighted Lagos’s preparations for the Intra-African Trade Fair in 2027, emphasizing the need for full domestication of the African Continental Free Trade Area (AfCFTA). “As we look ahead to the Intra-African Trade Fair in 2027, Lagos will stand before the continent and the world not merely as a host, but as a statement that Nigeria is ready. However, readiness is not a slogan; it is a system. Achieving this system begins with policy alignment. Our policies can no longer operate like isolated islands; they must function as a coordinated engine. This requires the full domestication of AfCFTA across all states, where each state establishes an implementation desk that translates federal trade policies into actionable strategies at the local level,” she explained.

Mrs. Ambrose underscored the importance of reforming export incentives to prioritize value addition. “A company exporting processed cocoa products should receive greater support than one exporting raw beans. Regulatory harmonization is equally critical. Agencies must adopt shared digital compliance systems so that certifications are recognized across all ports and aligned with continental trade frameworks,” she stressed.

She also announced a ₦10 billion non-collateralized loan initiative at single-digit interest rates for cooperative-based MSMEs, offering financing of up to ₦10 million with a repayment period of up to three years. “Small producers must aggregate to meet large international demands, whether in agriculture or manufacturing. The cocoa value chain illustrates this opportunity clearly. Instead of exporting raw cocoa, Nigeria can invest in processing hubs, partner with global firms for technology transfer, and build indigenous brands that compete regionally and globally. Excellence in exports is not accidental; it is built through deliberate systems, skills, and scale,” she added.

Earlier, NACCIMA President Engr. (Dr.) Jani Ibrahim, represented by Vice President Alhaji Yaya Oladimeji, emphasized the theme, “Unlocking Nigeria’s Export Potential: Policy Alignment, Private-Sector Readiness, and Trade Facilitation,” describing it as timely. He noted that Nigeria’s export landscape is shifting from being heavily reliant on crude oil to a diversified array of products.

“Recent trade data shows Nigeria’s non-oil exports climbed to approximately $6.1 billion in 2025, a 11.5% year-on-year growth, the highest in the nation’s history. In naira terms, non-oil exports hit a record N9.2 trillion in the first nine months of 2025, up 48% compared to the same period in 2024,” he explained.

He highlighted that sectors such as agriculture, processed goods, and solid minerals are driving these gains, with exports spanning over 280 products and volumes exceeding 8 million metric tonnes. He also noted that Nigeria’s export markets are increasingly regional, with Africa accounting for about N8.74 trillion in exports in 2024, and intra-ECOWAS trade growing, with exports to West Africa rising by 14% in the first half of 2025.

He stressed that export growth depends on stable, predictable, and coordinated policies across trade, finance, taxation, customs, standards, infrastructure, and industrial development. “Fragmentation slows progress; alignment accelerates it. Our businesses, especially MSMEs, must be equipped to meet international standards and have access to affordable finance, reliable infrastructure, market intelligence, and capacity-building support,” he said.

He called for efficient ports, simplified customs procedures, digital documentation, and seamless border operations to reduce costs and boost competitiveness. “If Nigerian products are to compete globally, domestic bottlenecks must be addressed,” he added.

In his presentation titled “The Three Pillars of Transformation,” Mr. Taiwo Ajetunmobi of the Nigerian China Trade Partnership highlighted Nigeria’s ongoing efforts to improve policy signals and market access. He noted that Nigeria has gazetted the AfCFTA Provisional Schedule of Tariff Concessions, opening a market of 1.5 billion people and a GDP of $3.4 trillion.

He explained that recent tariff amendments aim to boost local production, with tariffs ranging from 0% to 400% on certain imports, and a Green Tax Motor introduced for electric vehicles. He also discussed the importance of improving access to working capital and logistics, as well as digital market intelligence, to enhance export capacity.

“Speed is now a competitive advantage,” he emphasized. “Propelling Nigeria to a global supply chain hub requires focus on the Single Window system, streamlined cargo clearance, digital processes, harmonized inspections, and digital AfCFTA certificates to enable efficient trade within Africa,” he concluded.