Lagos Chamber of Commerce and Industry (LCCI) has described the recent diplomatic missions of President Bola Tinubu to Brazil and Japan as “new trade opportunities worth exploring”, as Nigeria strives to push trade to new frontiers.
The chamber also stated that Nigeria’s foreign policy should focus on translating agreements into tangible outcomes. Director General of LCCI, Dr. Chinyere Almona, said this on Monday, in a public statement, titled, “Nigeria’s Global Partnerships, From Agreement to Action.”
The chamber said it expected “the government to reach out to strategic partners that would place Nigeria in a stronger negotiating position when needed” in the face of current uncertainties in international economic relations.
She stated, “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.”
Commenting on the outcomes of the Tokyo International Conference on African Development (TICAD 9), Almona said LCCI welcomed Japan’s $238 million collaborative financing framework for upgrading Nigeria’s national electricity generation grid infrastructure.
She stated, “The investment gestures from Japan and other economies encourage Nigeria to equip its youth population with vocational and technical skills to capitalise 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.”
She also reiterated the LCCI’s view that “Nigeria’s foreign policy must now focus on translating agreements into tangible outcomes.”
advised “that the private sector be well-integrated in operationalising these agreements through follow-up mechanisms, setting clear timelines for implementation, and prioritising vocational and technical skills development in markets where they are required.”
She said, “Japan sees our youth as Africa’s biggest strength. Nigeria must equip its young people with the technical skills to compete globally.”
The LCCI director-general stated that taking the right actions on signed agreements with new strategic partners could drive inclusive growth and boost foreign trade earnings.
According to her, “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.”
LCCI also urged the federal government to remain focused on creating new market routes to new trade partners that would sustain Nigeria’s non-oil exports, which rose by 19.6 per cent to $3.225 billion in the first half of 2025, driven by global demand for products such as cocoa, urea/fertiliser and cashew nuts.
It said an increase in non-oil exports to 4.04 million metric tons in the first quarter of 2025, from 3.83 million tons in the first half of 2024, showed an increased domestic capacity to process non-oil exports and boost the country’s export earnings.
Almona stated, “However, the shrinking export earnings from the United States of America and the below-the-mark crude oil prices may reduce our foreign exchange (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.”
Dike Onwuamaeze
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