Nigeria’s export drive received a boost in early 2026 as the Nigeria Customs Service reported a 38.68% increase in export value at its Lilypond Export Command in Lagos.

Speaking during a press briefing in Lagos, Comptroller S.O. Ariyibi said the command processed exports worth $925.84m in the first quarter of 2026, up from $667.59m recorded in the same period in 2025.

He linked the growth to ongoing reforms championed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, aimed at strengthening trade facilitation and boosting non-oil exports.

“Export remains critical to Nigeria’s economy. It promotes foreign exchange earnings, drives economic diversification, and contributes significantly to GDP growth,” Ariyibi said.

Why It Matters

Nigeria has long relied on crude oil for foreign exchange earnings, making the economy vulnerable to global price shocks.

Officials say expanding non-oil exports such as agriculture and manufactured goods could help stabilise the naira, create jobs, and strengthen economic resilience.

The Lilypond Export Command, located in Lagos, plays a strategic role in handling export cargo, especially from Nigeria’s commercial hub.

Strong Growth Driven by Manufacturing

Data from the command shows that manufactured goods exports recorded the strongest growth, rising from $93.48m in Q1 2025 to $297.36m in Q1 2026.

This nearly threefold increase suggests growing industrial output and improved export capacity.

Agricultural exports also rose steadily, reaching $608.46m, compared with $523.26m in the same period last year.

However, exports of solid minerals dropped sharply to $5.23m, down from $42.17m, which officials say reflects a policy shift towards local processing and value addition.

Monthly Trends Show Mixed Performance

Export performance varied across the quarter.

January saw a slight dip of 1.12%, while February recorded moderate growth of 12.43%.

March, however, delivered a dramatic surge of 135.83%, pushing total quarterly figures significantly higher.

Container Traffic Nearly Doubles

The volume of export containers handled also increased sharply.

The command processed 19,014 containers in Q1 2026, compared to 9,722 containers in Q1 2025 representing a 95.58% rise.

This suggests improved logistics, higher export activity, and growing confidence among exporters.

Rising Government Revenue

Export-related revenue also increased during the period.

Export surcharge collections rose by 21.81% to ₦199.36m, while proceeds under the Nigeria Export Supervision Scheme climbed by over ₦1bn to ₦6.03bn.

Digital Reforms and What’s Next

The Customs Service says it is advancing the rollout of the National Single Window platform to streamline export documentation.

The system is expected to reduce delays, improve transparency, and enhance Nigeria’s competitiveness in global trade.

Ariyibi urged exporters to “remain compliant with extant export regulations” and stay updated on government guidelines.

Industry Perspective

Trade analysts say the sharp rise in manufactured exports could signal early success in Nigeria’s diversification strategy.

However, they caution that sustaining the growth will depend on infrastructure, stable policies, and access to international markets.

Providus Bank Plc has opened a new branch in Ado-Ekiti, as it steps up expansion plans following compliance with capital requirements set by the Central Bank of Nigeria (CBN).

The lender says the move is part of a wider push to grow its presence in key markets, support small businesses, and improve access to banking services across Nigeria.

Why it matters

The expansion comes at a time when Nigerian banks are under pressure to strengthen their capital base and extend financial services to underserved areas.

Ado-Ekiti, the capital of Ekiti State, is seen as a growing commercial hub, with increasing demand for retail and business banking.

By opening new branches, banks like Providus aim to bridge financial gaps, particularly for small and medium-sized enterprises (SMEs), which are often described as the backbone of Nigeria’s economy.

‘Deliberate growth strategy’

Speaking at the commissioning, Providus Bank’s Executive Director and Chief Financial Officer, Deoye Ojuroye, said the move reflects a targeted growth plan.

“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to the needs of our customers.”

He added that the bank’s expansion drive will continue over the next 12 months as it seeks to strengthen its national footprint.

Strong capital position

Providus Bank says it met the CBN’s recapitalisation requirement in January 2025, positioning it for sustainable growth.

Mr Ojuroye said the bank’s financial stability gives it the confidence to expand responsibly.

“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly while supporting businesses and communities.”

Analysts say stronger capital buffers are critical for Nigerian banks, helping them absorb economic shocks while continuing to lend to businesses.

Industry perspective

Nigeria’s banking sector has seen renewed competition, with lenders racing to deepen market penetration beyond major cities.

Financial experts note that branch expansion, alongside digital banking, remains key to reaching customers in semi-urban and rural areas.

They say banks that combine physical presence with digital innovation are more likely to win customer trust and drive long-term growth.

What’s next

Providus Bank says it plans to open more branches in strategic locations over the next year.

The bank aims to scale its operations while maintaining a focus on risk management, accessibility, and customer service.

Governor Babajide Sanwo-Olu has praised the performance of the Lagos State Internal Revenue Service (LIRS), describing it as a key driver of economic growth, while calling for greater autonomy for tax agencies nationwide.

He made the remarks while hosting the 159th meeting of the Joint Revenue Board (JRB) at the State House in Marina, Lagos.

The governor said Lagos’ internally generated revenue (IGR) now accounts for more than 60% of the state’s annual budget, highlighting its role in funding infrastructure and public services.

Lagos recorded ₦1.3 trillion in IGR in 2024, a 45% increase from the previous year, driven by reforms led by LIRS.

“We can say that our internally generated revenues now account for well over 60 per cent of our budget,” Sanwo-Olu said.

“It has not happened by sheer luck. It is the result of years of investment in digital tax systems, a push to expand our tax net, and building trust with our taxpayers.”

Why It Matters

Nigeria has long struggled with low tax-to-GDP ratios compared to global benchmarks.

Experts say Lagos’ model, combining digital systems, broader tax coverage, and taxpayer engagement offers a potential blueprint for other states.

The governor argued that autonomy is critical for replicating this success.

“Governors need to give revenue agencies clear space to work,” he said.

“It should not be a situation where a governor comes and wants to disrupt the tenure of the chairman.”

He warned that political interference could weaken efficiency and reduce public trust in tax systems.

How Taxes Are Being Used

Sanwo-Olu said taxes collected are being directly translated into infrastructure and social development.

He cited projects such as the Lagos Blue and Red Rail Lines, road expansions, hospitals, and new universities.

The state is also building a multi-modal transport system integrating rail, road, and water transport.

“For us, it is really about our citizens,” he said.

“My deputy and I are consistently committed to ensure that we leave this place a lot better than we met it.”

Industry and Government Reactions

Chairman of LIRS, Ayodele Subair, said the JRB is playing a central role in strengthening Nigeria’s tax system.

“This meeting comes at a pivotal time following the enactment and implementation of the new tax laws,” he said.

“The JRB is positioning itself to support effective implementation by strengthening coordination across all tiers of government.”

Speaking on behalf of JRB Chairman Zacch Adedeji, Executive Secretary Olusegun Adesokan described Lagos as a benchmark for tax administration.

“It is no surprise that Lagos State Internal Revenue Service remains the leading subnational revenue authority in Nigeria,” he said.

He noted that Lagos’ annual revenue had grown from less than ₦94bn in earlier years to over ₦1.7tn.

“These achievements clearly demonstrate how strong revenue performance, when effectively managed, translates into tangible development outcomes for citizens.”

Wider Perspective

The JRB, formerly the Joint Tax Board, brings together tax authorities from all 36 states, the Federal Capital Territory, and federal agencies including the Ministry of Finance and Customs Service.

Analysts say stronger coordination across these bodies could improve compliance, reduce tax leakages, and boost national revenue.

What’s Next

Sanwo-Olu said he would continue to advocate for reforms among state governors to ensure revenue agencies operate independently.

The ongoing JRB meeting is expected to focus on implementing new tax laws and improving collaboration across Nigeria’s tax system.