Nigeria’s untapped export potential is estimated at $3 billion, according to data from the International Trade Centre (ITC).

The report highlights several key export commodities, including urea, cocoa, cashew nuts, sesame seeds, aluminum, and tin ore, as having significant unrealized potential.

Key details from the report include:

• Urea exports were valued at $987 million, leaving $520 million in untapped potential.
• Cocoa exports reached $708 million, with $404 million in unrealized potential.
• Cashew nuts had $220 million in actual exports, with $437 million in untapped potential.
• Sesame seeds, aluminum, and tin ore recorded exports of $319 million, $220 million, and $138 million, respectively, with unrealized potential of $264 million, $155 million, and $83 million.
• Electric energy exports reached $112 million, with an untapped potential of $48 million.
• Other products, including ginger, oil cakes, shrimp, and rubber, had exports valued at $61 million, $96 million, $68 million, and $61 million, respectively, with unrealized potential ranging from $25 million to $96 million.

The ITC’s report emphasized that urea, cocoa beans, and cashew nuts (in-shell) have the greatest export potential. Notably, urea has the largest gap between potential and actual exports, leaving room for an additional $520 million in exports.

Experts have called for government action to address structural challenges hindering Nigeria’s export potential. Associate Professor Unekwu Onuche of the University of Africa, Bayelsa State, identified key issues such as inadequate production capacity, bureaucratic inefficiencies, and product quality concerns. Onuche noted that while markets exist, production often falls short, and Nigerian exports have struggled with issues like high chemical residues and subpar quality, which affect market access.

Economist Shedrach Israel from Lotus Beta Analytics highlighted the importance of scaling up production to increase exports. He pointed to successful initiatives like the Anchor Borrowers’ Programme, which significantly improved rice production, suggesting similar efforts are needed for crops like cocoa.

In 2024, the Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, revealed that Nigeria earned $2.7 billion from non-oil exports in the first half of 2024, marking a 6.26% increase from the previous year. This growth was attributed to political stability, rising demand for Nigerian products, and initiatives to foster an export culture. Cocoa beans, urea/fertilizer, and sesame seeds contributed 23.18%, 13.78%, and 11.04%, respectively, to total non-oil export revenue.

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Ayeni also noted the increasing export of semi-processed goods, a shift from raw agricultural products. Nigeria’s exports reached 122 countries across Africa, the Americas, Asia, Europe, and Oceania, with the Netherlands, Malaysia, and Brazil being the top destinations. Seaports facilitated 95.08% of exports, with the South-West and South-South regions leading in export activities.

Ayeni called on banks to improve exporters’ access to finance and global markets, leveraging the African Continental Free Trade Area (AfCFTA) to unlock new opportunities.