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 The PUNCH 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.
