NIGERIA’S GLOBAL PARTNERSHIPS: FROM AGREEMENTS TO ACTION
The Lagos Chamber of Commerce & Industry wishes to acknowledge and commend the Federal Government on the outcomes of President Bola Ahmed Tinubu’s recent diplomatic missions to Brazil and Japan. Considering the persistent tariff tensions worldwide, these can be described as “new trade opportunities worth exploring” as Nigeria strives to push trade to new frontiers.
With Nigeria’s non-oil exports rising by 19.6% to $3.225 billion in the first half of 2025, driven by global demand for products such as cocoa and urea/fertilizer, cashew nuts, we need to remain focused on supporting these statistics by creating new market routes to new trade partners. An increase in non-oil exports to 4.04 million metric tons from 3.83 million tons in the first half of 2024 shows an increased capacity to process non-oil exports and boost our export earnings.
However, the shrinking export earnings from the U.S. and the below-the-mark crude oil prices may reduce our FX inflows in the short term, when dollar liquidity is critical. This also highlights the over-reliance on crude oil exports, suggesting a greater focus on boosting non-oil exports and intra-African trade. 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.
The Chamber commends the signing of the Bilateral Air Service Agreement (BASA) with Brazil, which enables direct flights between the two nations. 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.
On the outcomes of the Tokyo International Conference on African Development (TICAD 9), the LCCI welcomes Japan’s $238 million collaborative financing framework for upgrading our national electricity generation grid infrastructure. The investment gestures from Japan and other economies encourage Nigeria to equip its youth population with vocational and technical skills to capitalize on opportunities in labour-intensive sectors, such as those found in high-manufacturing countries like Japan. 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 Chamber wishes to reiterate that Nigeria’s foreign policy must now focus on translating agreements into tangible outcomes. Again, we advise that the private sector be well-integrated in operationalizing these agreements through follow-up mechanisms, setting clear timelines for implementation, and prioritizing vocational and technical skills development in markets where they are required. Japan sees our youth as Africa’s biggest strength. Nigeria must equip its young people with the technical skills to compete globally.
Taking the right actions on signed agreements with new strategic partners can drive inclusive growth and boost foreign trade earnings. By combining visionary diplomacy with practical action, Nigeria can shift global perceptions from challenges to opportunities and rebrand itself as a reform-driven, youth-powered, and investment-ready economy. These agreements are springboards. Nigeria must link the signed deals in aviation, ICT, manufacturing, and energy to industrial growth, boost productivity, and diplomacy to development. What was signed abroad must be translated into prosperity at home.
Dr. Chinyere Almona, FCA
Director-General
Lagos Chamber of Commerce & Industry
Monday 1st September 2025
