Nigeria’s unrealised export potential is estimated at $3 billion, according to data from the International Trade Centre (ITC).
The report stated that the total unrealised export potential for Nigeria stands at $3 billion.
The report by the Punch newspaper on Tuesday said that the data 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 $708 million, leaving $404 million in unrealized potential.
The ITC data further revealed that cashew nuts had $220 million in actual exports and $437 million in untapped potential. Sesame seeds, aluminum, and tin ore recorded exports of $319 million, $220 million, and $138 million, respectively, with untapped potential valued at $264 million, $155 million, and $83 million.
According to the report, 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.
“Export procedures in Nigeria can be cumbersome. While official processes may appear straightforward on paper, the reality is different. Obtaining approvals remains a significant hurdle,” he added.
Onuche also pointed to product quality as a major concern.
“At one point, Nigerian agricultural exports struggled due to high chemical residues and quality issues. If products fail to meet international standards, market access becomes difficult,” he explained, calling for better regulation and improved agricultural practices.
GIK/APA