Sterling Bank Limited has taken a bold step towards reshaping Nigeria’s economic landscape by empowering exporters through its Non-Oil Export Academy, a flagship initiative aimed at boosting foreign exchange (FX) earnings beyond crude oil. The move comes as Nigeria recorded $5.456 billion in non-oil exports in 2024, marking significant progress in diversifying its revenue sources.
The academy, which held training sessions across Lagos, Ondo, and Kano states, culminated in a grand finale in Lagos under the theme, “Excel in Non-Oil Export.” The program brought together exporters, trade experts, and policymakers to share insights on scaling Nigerian products to global markets, reducing FX dependency on oil, and unlocking Africa’s potential in international trade.
Speaking at the event, Sterling Bank’s Managing Director and CEO, Abubakar Suleiman, highlighted the critical role of non-oil exports in stabilizing Nigeria’s economy.
“We realized that as long as the country relies on oil to import goods and services, it will never achieve foreign exchange independence. Nigeria’s wealth lies in our people and potential; we must build products for the world, not just extract oil from the ground,” Suleiman said.
He noted that the enthusiastic response from entrepreneurs signals Nigeria’s readiness to compete globally if given the right training and access to resources.
The bank’s Divisional Head of Commercial Banking, Akporee Idenedo, described the initiative as a movement, not just a training program. He emphasized Sterling’s continued focus on the HEART sectors – Healthcare, Education, Agriculture, Renewable Energy, and Transport, which are crucial for sustainable economic growth.
“This is a call to action for Nigeria to lead as an export-driven economy. Non-oil exports hold the potential to reduce unemployment, curb inflation, and stabilize the naira through FX inflows,” Idenedo stated.
Delivering a keynote address, Dr. ‘Biodun Adedipe, Principal Consultant at BAA Consult, provided an optimistic outlook for Nigeria’s export sector. Citing data from the IMF and Afreximbank, he projected that African trade would outpace GDP growth in the coming years, with Nigeria strategically positioned to lead due to its population size and vast resources.
He commended Sterling Bank for spearheading initiatives that directly contributed to the $5.456 billion non-oil export milestone in 2024, describing it as a product of “improved macroeconomic stability, government reforms, and private-sector-driven initiatives.”
One of the event’s major highlights was the official launch of the Sterling Bank Non-Oil Export Academy, an education-driven platform designed to train exporters on global trade compliance, logistics, packaging standards, and international financing options.
The academy aims to bridge the knowledge divide that has long hindered Nigerian exporters from fully competing on the international stage. According to Suleiman, the platform will provide access to trade experts, mentorship programs, and tailored financing opportunities for small and medium-scale exporters.
Sterling Bank’s push aligns with Nigeria’s broader economic diversification agenda, which seeks to reduce overdependence on oil revenues and leverage agriculture, manufacturing, and technology to generate sustainable FX earnings.
With Nigeria’s $5.456 billion non-oil export revenue in 2024 as a benchmark, analysts believe that initiatives like Sterling’s Academy could help the country triple non-oil export earnings within five years if backed by favorable trade policies and infrastructure investments.
The resounding message from the event was clear: Nigeria’s economic future lies in its ability to compete globally, and empowering exporters is a crucial step toward achieving that goal.