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GLOBAL EXPORT MARKET POTENTIAL FOR NIGERIA
The products with greatest export potential from Nigeria to World are Cocoa beans, Wood in the rough, nes, and Sesame seeds. Cocoa beans shows the largest absolute difference between potential and actual exports in value terms, leaving room to realize additional exports worth $353.2 mn.
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NIGERIAN EXPORT PRODUCTS & THEIR MARKET POTENTIALS
  • POTENTIAL MARKET FOR DRIED BEANS

     

    • India is the largest global importer of dry beans. With over 40 million USD imports in 2017 their total import share is almost 53%. The market is still growing very fast, as import value grew with +50% on average per year during 2013-2017. Brazil is currently the main supplier, holding almost 80% market share in India. Madagascar holds around 10% share in the Indian market.
    • Other destinations are way smaller in import values, but average growth rates are very positive. Turkey and UAE imported over 4 million USD together in 2017. Their average annual growth rates are promising. These two countries are both mainly supplied by Madagascar and Peru currently.
    • United Kingdom imported close to 3 million USD of dry beans in 2017. The yearly growth rate of +42% (during 2013-2017) is very promising. Germany is one of the main suppliers as re-exporting country to the U.K. currently.
    • Canada is not importing huge amounts yet (776,000 USD in 2017) but there is an upward trend. It might be interesting to explore opportunities for direct trade to the Canadian market therefore as well.

  • POTENTIAL MARKET FOR SESAME SEED

    • The largest estimated untapped potential for Nigeria can be found in China, with over 110 million USD value. China is currently the third largest export destination, after Turkey and Japan. Annual exports can be more than quadrupled up to 2021.Ethiopia is the main competitor, with an advantage on tariffs.
    • Japan is the second largest market based on untapped potential. It is estimated at18.1 million USD up to 2021. Current exports reached almost 85 million USD (onaverage per year from ’12-’16). Over the past five years Japanese imports grewwith +11% annually. Tanzania and Burkina Faso are main competitors.
    • Smaller current destinations with good estimated potential include South Korea, Mexico and Poland. Together, over 22 million USD of additional export potential
    • Sesame seeds exports from Nigeria offer ample room for growth. There is estimated to be around 170 million USD of untapped potential for the ten most interesting destinations.
    • Asian countries China and Japan offer great opportunities. Potential is huge in the markets, while they currently already import largely. These are thus important export markets for Nigerian sesame seeds.
    • Also try to increase focus on emerging markets South Korea, Mexico and Poland. They offer interesting untapped potential.is estimated. Major competitors (China and Venezuela) do have geographical advantages over Nigeria in South Korea and Mexico. In Poland, India is current the major competitor. Sudan is expected to grow to a major competitor as well.

  • POTENTIAL MARKET FOR CASHEW KERNELS

    • Vietnam is currently the largest export destination for Nigerian cashew kernels with average yearly exports of USD 3.4 million. Vietnam is also Nigeria’s largest competitor on a global scale.
    • Estimated untapped potential in absolute value is largest in the German market, at around USD 860,000. Germany is the 4th largest current market for Nigeria after Vietnam, USA and The Netherlands.
    • The Dutch market has the 2nd highest untapped potential of USD 640,500.Despite having less untapped potential than Germany current exports from Nigeria are greater to the Netherlands than to Germany.
    • Over the past five years the Dutch and German markets grew with +17% and+24% respectively per year, strengthening the estimation of huge potential.
    • The United Kingdom has the 3rd highest untapped potential with potential for Nigeria to more than double current exports.
    • NOTE: Nigeria currently exports mainly raw cashew nuts, making the estimated untapped potential values possibly lower than in reality.
    • Instead of exporting to Vietnam: see whether additional exports can be generated to Vietnam’s destination countries.
    • Keep focusing on the Netherlands, Germany and U.K., current markets with still large estimated growth potential.
    • Try to access the French market and increase market share
    • Poland is currently a small market for Nigeria and France is a new market but together they have cumulative untapped potential of USD 522,700

  • POTENTIAL MARKET FOR ORGANIC GINGER

    • Estimated untapped potential in absolute value is largest in the Dutch market. It is calculated that around 4.5 million USD of additional exports can be reached up to 2021. Netherlands is currently the 3rd export destination for Nigeria. Total imports of ginger in The Netherlands grew by 2% on average annually (’13 – ’17).
    • United Kingdom offers interesting opportunities as well, with close to 4 million USD of estimated untapped potential up to 2021. Right now, Nigeria exports 0.4 million USD to U.K. This means that exports can be ten times as large in 2021.
    • Pakistan is an interesting market for Nigeria. Imports of ginger in Pakistan grew by +15% on average per year during 2013-2017 and it is estimated that Nigerian exports can increase to almost 2.5 million USD in 2021. Japan and Bangladesh are two other basically new markets with large untapped potential.
    • Germany and United Arab Emirates are the main current export destinations.
    • European markets The Netherlands and U.K. are very interesting. There is a lot of additional export potential there.
    • Try to access new markets like Pakistan, Japan and Bangladesh. These potentially offer interesting opportunities for market diversification.
    • Germany and UAE are Nigeria’s largest current export destinations. These markets still offer some additional growth potential, so keep trying to expand exports here. Despite the fact they are not among the top 5 markets with untapped potential, there is still room for export growth (1.2 million USD additionally each).

     

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