Banking
Export Potentials in Nigeria Largely Untapped—Ecobank
By Dipo Olowookere
The Executive Director in charge of Corporate Banking at Ecobank Nigeria, Mr Kola Adeleke, has lamented the inability of Nigeria to explore the several opportunities in the export segment of the nation’s economy as a result of too much focus on oil revenues.
Speaking at the Ecobank/Nigerian Export-Import Bank (NEXIM) webinar held last Thursday, the banker said the country can quickly tap into this through the African Continental Free Trade Area (AfCFTA), which became effective on January 1, 2021.
He further said Ecobank will offer its platform to assist exporters in the country to exploit the opportunities in the AfCFTA, noting that the lender remains the choice in Africa for export trade.
According to him, Ecobank has a presence in 33 of the over 50 countries on the continent, adding that the pan-African lender also said its unique positioning, wide network, pan African payment switch, settlement capabilities, award-winning digital products and strategic focus for being the best choice for businesses.
“Our unique positioning in 33 African countries enables us to leverage our extensive network to reduce the number of financial partners and relationships in executing a trade.
“We own the switch connecting countries where we operate across Africa. This centralized switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory.
“We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries.
“Ecobank has a reputation for developing innovative products as the bank has won us several international, regional and local awards and we aspire to be the gateway to pan-African payments and trade,” he said.
Mr Adeleke reaffirmed that Nigeria is poised to gain from the investment and trade opportunities that the AfCFTA will inevitably bring because of its market size, supply chain infrastructure and abundant supply of professionals/skilled players in various industries.
He emphasised that businesses must strategically position themselves, endeavour to understand the dynamics of the ratification to be able to maximize the benefit and opportunities.
Nigeria’s trade figures in 2020
Business Post reports that last week, the National Bureau of Statistics (NBS) in its Foreign Trade in Good Statistics said Nigeria recorded a total of N32.4 trillion in both its import and export in 2020 compared with N36.2 trillion in 2019.
An analysis of the report showed that Nigeria recorded higher imports than exports in the year due to the impact of the COVID-19 pandemic.
The value of total imports in 2020 stood at N19.9 trillion, 17.8 per cent higher than N16.9 trillion in 2019, while total exports dropped by 34.9 per cent to N12.5 trillion from N19.2 trillion in the previous period, leaving the country with a trade deficit of N7.4 trillion in the year under review.
Protection for exporters
At the Ecobank/ NEXIM webinar last week, speakers agreed that Nigeria can change the tide and grow its non-oil export earnings.
The acting Head of Export Credit Insurance at NEXIM, Mr Bashar Garba Illo, said the agency has put in place policies that will protect exporters in Nigeria against the risk of non-payment for goods and services exported on credit terms with a cover against political risk.
He stressed that the objective of ECI is to indemnify both internal and external exporting customers from losses incurred from any payment default that could arise from political events in the export destination country by providing cover up to 80 per cent of the value of receivables, subject to the Risk Asset Acceptance Criteria (RAAC) outlined for political risk.
He explained that the bank’s mandate is to support the non-oil export sector of manufacturing, agro-processing, solid mineral and services.
Ecobank’s support for exporters
On his part, the Head of Trade at Ecobank Nigeria, Mr Chijioke Uzoukwu, said the financial institution is ready to support exporters with the provision of loans.
“In the trade service, we support customers from initiation to execution in the areas of documentation and compliance, working with regulatory bodies and other stakeholders.
“We also offer trade advisory solution like market information across Africa, trade specialist support and after-sales services. We have an electronic e-trade platform which provides an electronic frontend where the customers can initiate transactions and instruction from the comfort of their home and it will be delivered to the bank,” he added.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
