The International Trade Centre (ITC) Export Potential Map shows that a total untapped export potential for Nigeria’s non-oil exports stands at $2.2 billion.
Cocoa beans export potential is valued at $1.1 billion, while actual export is $724.7 million. Untapped potential is put at $368.3 million.
Nigeria’s cocoa beans market are Netherlands, Switzerland, Poland, Austria, Republic of Korea, India, Estonia, United Kingdom, Mexico, China, Singapore and Canada. France, Russian Federation, Italy and Spain.
Others are Malaysia, Indonesia, Germany, Brazil, United States, Japan and Belgium.
For instance, Nigeria’s cocoa beans export to Netherlands is valued at $295.4 million, while export potential is put at $281.7 million.
Globally, Netherlands’s imports represent 23.3 per cent of world imports of cocoa beans.
Its ranking in world imports is one. The value of its cocoa imports from Nigeria was worth $197.449 million last year, representing 8.3 per cent of Netherlands’s total imports.
At present, also, Nigeria exports cocoa beans valued $175.3 million to Germany, while the export potential is put $228 million.The untapped potential remains $52.6 million.
In cashew exports, the biggest markets are in Vietnam and India. Vietnam imports about 39 percent of Nigeria’s cashew while India imports about 30 per cent.
Actual exports from Nigeria to Vietnam are put at $204.8 million, while export potential is estimated at $526.4 million. Untapped potential remains $321.6 million.
At present, the total trade in goods with Nigeria is valued at $346.3 million.
India imports cashew nuts and shells from Nigeria. Actual exports are worth $70.9 million, while export potential is $243.8 million. Untapped potential remains $172.9 million.
Apart from Nigeria, India imports cashew from Côte d’Ivoire, United Republic of Tanzania, and Benin
Ghana, Burkina Faso, Senegal, Indonesia, Guinea, Togo, Guinea-Bissau and Mozambique.
The markets with greatest potential for Nigeria’s exports of 120,740 sesamum seeds are China, Japan and Turkey. China shows the largest absolute difference between potential and actual exports in value terms, leaving room to realise additional exports worth $155.3 million.
Other markets include Korea, Republic of Germany, Viet Nam, Guatemala, India, Taipei, China, Greece, Russian Federation, Netherlands, Mexico, United States, Poland, Lebanon, Morocco, Israel, Jordan and Canada.
