Nigeria’s unrealised export potential is estimated at $3bn, according to data from the International Trade Centre.
The report stated, “The total unrealised export potential for Nigeria stands at $3bn.”
The data accessed by newsmen on Sunday highlighted key export commodities in Nigeria, including urea, with actual exports valued at $987m and an untapped potential of $520m. Cocoa recorded export volumes worth $708m, leaving $404m in unrealized potential.
ITC further revealed that cashew nuts had $220m in actual exports and $437m in untapped potential. Sesame seeds, aluminum, and tin ore recorded exports of $319m, $220m, and $138m, respectively, with untapped potential valued at $264m, $155m, and $83m.
Electric energy exports reached $112m, with an unrealized potential of $48m. Ginger, oil cakes, shrimp, and rubber exports were valued at $61m, $96m, $68m, and $61m, respectively, while their untapped potential stood at $64m, $96m, $82m, and $25m.
“The products with the greatest export potential from Nigeria to the world are urea, cocoa beans, and cashew nuts (in-shell). Urea shows the largest absolute gap between potential and actual exports, leaving room to realize an additional $520m,” the report noted.
Experts have urged the government to address structural challenges limiting Nigeria’s export potential.
An associate professor at the University of Africa, Bayelsa State, Unekwu Onuche identified production capacity, bureaucratic inefficiencies, and product quality as critical issues.
“If you have potential but don’t utilize it, especially in exports, several factors could be responsible. Do we have the capacity to produce enough to meet demand? The market exists, but production often falls short,” Onuche said.
He stressed the need for an enabling environment to boost production.
