Despite domestic supply challenges, Nigeria successfully expanded its power export revenue by nearly $60 million in one year, selling electricity to neighboring West African nations under regional grid agreements.
The increase was driven by strong performances across several sectors. Electricity exports grew by 33.72 per cent to $236.07 million, while other non-oil exports climbed to $7.96 billion. Informal cross-border trade also expanded significantly, rising by 29.73 per cent to $252.86 million, while re-exports increased by 27.14 per cent to $860.54 million.
The African Development Bank (AfDB) noted that Nigeria’s informal sector still accounts for more than half of the country’s GDP, making it a major contributor to employment and economic activity. However, the bank warned that widespread informality limits tax revenue, financial inclusion and productivity growth.
Limited access to affordable finance remains a major challenge for informal traders and small businesses, as many lack the records and collateral needed to secure loans from financial institutions. Analysts believe greater formalisation could unlock credit opportunities, improve competitiveness and support long-term economic growth.
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