Report Lists Nigeria's Untapped Export Products Worth Billions of Dollars
- The International Trade Centre (ITC) stated in a report that Nigeria’s untapped earnings are worth $3.9 billion
- The report estimated Nigeria’s total export potential at around $7.6 billion, with prospects in cocoa, cashew nuts, and urea
- Even though Nigeria is a net exporter of cocoa, the cash crop still holds unrealised export opportunities of $749 million for the country
A report by the International Trade Centre (ITC) has revealed that untapped export products in Nigeria are worth $3.9 billion.
The report highlighted high-value commodities which are globally in demand, but are yet to be fully harnessed in Nigeria.
Source: Getty Images
The ITC’s Export Potential Map showed that Nigeria can cash in as global demand opened up an additional $3.9 billion in export.
Nigeria’s export potential has been valued at about $7.6 billion, according to the report, driven mainly by strong opportunities in cocoa, urea, cashew nuts, and coffee, a rapidly emerging contending product in the international market.
The report highlights cocoa as one of Nigeria’s leading export commodities since the 1900s.
It estimates that cocoa alone represents roughly $749 million in unrealised export value, making up about 19% of the country’s unused export capacity.
Cashew nuts (in shell) and urea also rank among Nigeria’s strongest export items, supported by solid competitiveness in global markets.
Also, roasted, non-decaffeinated coffee emerged as one of Nigeria's promising export products. ITC lists coffee alongside copper cathodes and frozen fish as the country’s most promising new export-growth products.
The report emphasised the growing demand for coffee, with countries like Japan, Germany and the United States recording billions-worth of imports annually.
Japan’s annual import of this product currently stands at $1.4 billion, Germany's $4 billion, and the United States at $5.8 billion, all at zero per cent tariff for Nigerian exporters.
The Netherlands, Italy and Belgium are also major markets, with imports at $843 million, $2.2 billion and $1.7 billion, respectively. These countries place no tariff barriers on Nigerian coffee, only Korea imposes a modest 2 per cent tariff.
Source: Getty Images
ITC also noted that export opportunities abound in dried Vigna mungo/radiata beans, a product described as among the easiest to reach, while global demand remains strong for jewellery of precious metals.
Nigeria needs investment, policy
The Cocoa Association of Nigeria (CAN) stressed that coffee has strong potential as a cash crop, and it is profitable and can boost the country's foreign exchange earnings.
CAN Chairman, Board of Trustees, Dr Victor Iyama said:
“Coffee can also become one of Nigeria’s top non-oil revenue drivers, With adequate investment and policy support."
Nigeria gains from cocoa's demand surge
Cocoa is a billion-worth export product, and countries like Ecuador have been cashing in on it, while African cocoa farmers battle climate change, pests and insecurity.
Legit.ng reported a few months ago that Nigeria's Vice President Kashim Shettima announced that Nigeria has been earning massive profits from the international demand surge of cocoa in recent times.
The Nigerian government promised to continue to partner with and support industries like the World Cocoa Foundation and others to attract investors.
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Source: Legit.ng
