Nigeria is an economic powerhouse in Africa, thanks to its abundant natural resources and strategic location. Exporting goods from Nigeria can be a lucrative business as it allows you to earn in foreign currencies (FX). But before you start counting just how much money you can make, it is important to understand what items can and cannot be exported is crucial.
If you are looking for ideas on items to export and items to stay away from, you have come to the right place. First, let’s start with the items you can easily export:
- Cocoa
Cocoa is one of Nigeria’s top export products. The country is the fourth-largest producer globally, making it a key player in the chocolate industry. Despite competition from countries like Côte d’Ivoire, Nigerian cocoa beans remain in demand due to their unique flavor profiles. This is a solid export if you’re looking for a stable commodity to trade. - Sesame Seeds
Nigeria ranks as one of the top producers of sesame seeds worldwide. This crop is highly sought after, especially in markets like Japan and Europe. It’s easy to grow in Nigeria’s climate, and the high oil content makes it valuable for the production of edible oil, confectionery, and even pharmaceuticals. - Cashew Nuts
Cashew nuts are another profitable export for Nigeria. The country has been capitalizing on the growing demand in Asia and the Middle East. While the raw cashew nuts are typically exported, there’s also potential in processing them locally to fetch even higher prices on the international market. - Ginger
Nigerian ginger is known for its high quality and potency, making it a staple in the global spice market. Exporting ginger to countries like India and Europe can be a lucrative venture, especially for those who focus on organic or sustainably farmed varieties. - Leather
Nigerian leather, especially from goats and sheep, is recognized globally for its quality. With demand from Europe and Asia, exporting leather from Nigeria offers excellent opportunities for those in the agricultural and manufacturing sectors. The government has also been promoting this sector as part of its economic diversification efforts.
5 Items You Cannot Export from Nigeria
As a way to protect national interests, the Nigerian government prohibits the exportation of a couple of items. These items can be easily found on the Nigerian export prohibition list
- Yam Tubers
Yes, yam is a big deal in Nigeria, but exporting yam tubers in their raw form is restricted. The government wants to ensure that enough is left for local consumption, given its importance in Nigerian cuisine. The potential for processed yam products to be exported exists, but the raw tubers themselves are a no-go. - Maize
Although maize is a staple in Nigerian agriculture, exporting it is currently banned by the government. This restriction aims to protect local food security, as maize is a crucial component of the Nigerian diet. However, some might argue that with better agricultural policies, this ban could be revisited in the future. - Crude Oil
While crude oil is Nigeria’s largest export, there are certain regulations that restrict its export under certain conditions, especially when it comes to crude oil below specified grades. The government is trying to encourage the export of refined petroleum products rather than just raw crude, pushing for more local refining. - Charcoal
In a bid to combat deforestation, the Nigerian government has imposed restrictions on the export of charcoal. This move, while environmentally necessary, has frustrated some exporters who see the untapped potential of this resource in foreign markets. - Wildlife (e.g., Pangolin Scales)
Nigeria has strict laws against the export of wildlife and endangered species. Pangolin scales, in particular, have been a target of these restrictions due to their illegal trade for traditional medicine. This is one area where the government has drawn a firm line, and rightly so, considering the environmental implications.
Conclusion
Navigating the world of exports in Nigeria requires understanding both the opportunities and limitations. From cocoa and sesame seeds to leather, there are profitable avenues for those looking to enter the export market. However, caution must be exercised to avoid running afoul of export bans, especially on goods like maize and wildlife products. By staying informed and compliant, Nigerian businesses can thrive on the global stage.
If you’re considering export, focus on building strong relationships with buyers and adhere to local regulations to make your entrepreneurial journey smoother.