Do you want to venture into the lucrative export business in Nigeria? If yes, then this article is solely for you. Let me start by congratulating you because you have made a good choice.
Why did I commend you? It is simply because you have made a choice to emancipate yourself from the shackles of unemployment and poverty. It is an open secret that the rate of unemployment in Nigeria is growing at an alarming rate, presently at an all-time high of 33.6%. Also, the value of the Naira and revenue from crude oil exports are at an all-time low, coupled with the effects of the Covid-19 pandemic. These are undeniable facts and if focused on can be quite discouraging; however there is indeed a silver lining.
Despite the challenges, it is pertinent to note that the Covid-19 induced lockdowns disrupted global trade flows and supply chains, creating new opportunities for trade. The pandemic accelerated the need for digitization and digitalization, in fact according to the World Economic Forum (WEF); at least 97 million new jobs will be created by 2025, out of which 80% will be outsourced. This is a huge opportunity for Nigerian companies in the outsourcing sector.
Additionally, naijabusiness.com.ng authoritatively gathered that there is an increased global demand for products like shea nuts and ginger. Remarkably, Nigeria is among the top 3 producers of these products globally.
However, to take advantage of these opportunities we need a drastic change in mindset, hence the rationale for this article. The writer of this piece aims to showcase at least 22 different non-oil export products that are performing creditably well in the exports market, of which Nigerians can fully maximize.
These products are;
- Petrochemicals & methanol: The market size for this export is estimated to be worth about $150 billion. The Executive Director/CEO of the Nigerian Export Promotion Council (NEPC) in a recent seminar tagged ‘’Opportunities in the Export Market,’’ held on the 31st of October 2021, stated that Nigeria is making efforts to control at least 5% of the global market for this product. If achieved, Nigeria could rake in atleast $7.5 billion from this product alone.
- Soyabeans (Meal and Oil): The annual average for this product is estimated at over $100 billion. Nigeria aims to control about 5% of this market which could potentially rake in about $5 billion in export value.
- Sugar: The international market for the raw, cane and confectionary of Sugar is estimated to be worth about $60 billion annually. Presently, this market like the other aforementioned ones are presently sub optimally maximized in Nigeria, with Nigeria contributing less than 5% of this product. Experts believe that if properly harnessed, Nigeria can earn about $3 billion from this market.
- Cotton and Yarn: This market is worth about $40 billion annually. Despite the potentials, the discovery of oil made us abandon this sector, although the CBN announced recent policies to revitalize this sector. Nevertheless, analysts estimated that Nigeria could earn up to $2 billion in this market, if properly harnessed.
- Nitrogenous fertilizer and Ammonia: This market is worth an estimated annual average of $40 billion and Nigeria is aiming to at least fill in about 5% of the market, generating about $2 billion en-route.
- Palm oil is another lucrative business with $35 billion worth of international trade annually. Nigeria is targeting to rake about $1.8 billion from this market.
Other important exports products investors should watch out for are; Rice, rubber, hides and leather, cocoa, gold, cement, tomato, banana and plantain, oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea.