Former Minister of Finance, Kemi Adeosun, has called on President Bola Tinubu to appoint a National Export Adviser to help drive reforms aimed at increasing Nigeria’s export potential. Adeosun made this call during her keynote address at the Nigerian Export-Import Bank’s (NEXIM) International Women’s Day Conference 2025, held in Abuja on Tuesday. The event, which was themed “For All Women: Rights. Equality. Empowerment,” gathered prominent leaders to discuss the role of women in Nigeria’s economic development and how empowering women can lead to national growth.
Adeosun, who served as Nigeria’s finance minister from 2015 to 2018, emphasized that while Nigeria’s import levels have been a major concern in economic discussions, the real issue lies in the country’s insufficient exports. She highlighted that Nigeria’s export-to-GDP ratio stands at just 9.2%, a stark contrast to other African countries like Ghana (34%), South Africa (32.8%), and Senegal (23%), which boast significantly higher export-to-GDP ratios.
In her address, Adeosun made it clear that Nigeria does not need to focus on reducing imports, as often suggested. Instead, the country’s attention should shift towards increasing its exports. According to her, this shift in focus will allow Nigeria’s world-class goods to reach global markets, stimulating economic growth.
“I go so far as to call the President, to name a National Export Adviser,” Adeosun said. “We need a figurehead that will drive reforms and break down all barriers to exports so that our world-class goods can get to the global market.”
She explained that Nigeria’s low export-to-GDP ratio reflects the country’s struggle to access international markets. According to her, this issue has been exacerbated by the bureaucratic processes involved in registering as an exporter in Nigeria. She pointed out that while it takes weeks to complete the export registration process in Nigeria, it only takes 48 hours in South Africa.
“In South Africa, it takes just 48 hours to register as an exporter. But in Nigeria, the process takes an average of two to three weeks. If it takes too long to clear through all the steps, the chances are that many potential exporters will give up. We need to be intentional about the opportunity,” she noted.
Adeosun also stressed the importance of including women in the export sector, suggesting that women hold the key to Nigeria’s export potential. She encouraged women to embrace the growing export opportunities, particularly in sectors such as fashion, arts, crafts, snacks, and food products. She drew attention to Nigeria’s burgeoning entertainment industry, especially Nollywood and the music sector, noting that these industries have shown remarkable success on the global stage. According to Adeosun, it is time for other Nigerian industries to follow suit.
“Your products are world-class. Your products can compete anywhere in the world,” she said, referencing Nigerian women’s role in growing sectors like fashion, arts, and food. “What should follow, our fashion, our arts, our crafts, our snacks, our foods—that’s the next wave.”
The Managing Director and Chief Executive Officer of NEXIM Bank, Abubakar Bello, also spoke at the event, emphasizing the bank’s commitment to advancing women’s empowerment in Nigeria. Bello highlighted the importance of women in national development, noting that when women are empowered, it has a ripple effect that benefits families, communities, and the economy at large. He stressed that the full potential of Nigeria can only be realized if women are included in every aspect of economic growth, particularly in financial empowerment and entrepreneurship.
“Nigeria, with its vast human and material resources, can only achieve sustainable development when women are included in all aspects of economic growth, particularly in financial empowerment and entrepreneurship,” Bello said.
To support this vision, NEXIM Bank has introduced several programs designed specifically to cater to women and youth. Among these initiatives are the Women and Youth Export Fund, the Small and Medium Enterprises (SMEs) Export Fund, and the Women in Oil and Gas Managed Funds. Additionally, NEXIM Bank unveiled a new product, the Women in Export Development Fund, which aims to support female entrepreneurs involved in Nigeria’s export sector.
As part of the bank’s continued efforts to empower women, Bello highlighted that increasing female participation in Nigeria’s non-oil export sector is crucial for the country’s economic diversification. NEXIM Bank’s new Women in Export Development Fund is part of a broader strategy to foster women’s contributions to sectors beyond oil and gas.
The focus on empowering women in exports is a timely one, as the country continues to look for ways to diversify its economy and reduce dependence on oil revenues. With the right support, women entrepreneurs in Nigeria could play a key role in revitalizing the nation’s export sector, especially in industries where Nigeria has a competitive advantage, such as agriculture, fashion, and entertainment.
As Nigeria seeks to increase its exports, the role of institutions like NEXIM Bank will be crucial. The bank has not only been a source of financial support for women but also a platform for advocating the importance of women in shaping the country’s economic future.
While there is a growing recognition of the need to increase exports, significant challenges remain. The bureaucratic hurdles faced by exporters, including lengthy registration processes and complicated logistics, are some of the key obstacles that need to be addressed. Adeosun’s suggestion to appoint a National Export Adviser is seen as a strategic move to help streamline these processes and create a more efficient and export-friendly environment.
Nigeria also faces challenges in building a robust export infrastructure, including poor transport networks and inadequate ports, which can hinder the timely movement of goods. Moreover, the country must work to improve its international trade relationships and address issues such as access to global markets, which can often be challenging for emerging economies.
