Nigeria’s most profitable export products have formed the primary sources of revenue for the Nigerian government in the international market. Even though most of them are agriculturally produced, many are natural resources that have to go through some rigorous refining process.
The export business in Nigeria is the only lifeline for the country’s economy survival ever since the discovery of fuel around 1956 at Oloibiri in the Niger Delta after half a century of exploration. This particular business is one of the most profitable because it tends to give more in terms of foreign exchange.
Nigeria’s Most Profitable Export Products.
Below are the products which are exportable apart from the fossil fuel. Most of these are agro-based products which at the end of the day yield huge profits home to Nigeria:
Cocoa Related Products
Although cocoa export business is an old one as far as the economic history of this country is concerned, this made the list of Nigeria’s most profitable export products. Many cocoa products have over the years proven lucrative in terms of their annual turnout, and these includes raw cocoa beans (N17.15 billion) and Natural cocoa butter (N2.26 billion).
Cocoa products are sold to European countries like the Netherlands, Belgium, Germany, Indonesia and Malaysia.
Nigeria’s textile and garments industry is a very lucrative business in that exporters especially Spain, Italy, Portugal, USA, UK, Malaysia Netherlands, etc. cannot do without buying largely and needing Nigerian-made textile because of its texture and quality. This therefore has added fortune magnanimously to the coffers of the country reserve. Textile is one Nigeria’s most profitable export products.
Nigeria is a major producer of rubber in Africa. It has also central testing laboratories to ensure that only certified products leave the country. Top partner countries to which Nigeria exports rubber includes India, Spain, France, South Africa, and the USA.
It is one good farm product to export from Nigeria to other countries. It is a hot, fragrant spice made from the rhizome of a plant, which may be chopped or powdered for cooking, preserved in syrup, or candied. Nigeria is one of the largest producers of Ginger. It is also one of the most traded spices in the world because of its health benefits and medicinal purposes. You can start trading this item by exporting to major importers like the USA, Japan, Pakistan, Netherlands, India, Saudi Arabia, and Malaysia, etc.
Cocoa butter also known as Theobroma oil, is a pale yellow edible vegetable fat extracted from cocoa beans. It is used in making chocolates, ointments, toiletries, and pharmaceuticals. This is why the demand is so high in countries like the USA, UK, Germany, Netherland, Belgium, and France.
Sesame seeds are tiny, oil-rich seeds that grow in pods on the Sesamum indicum plant. This can be found in quantity in states like Sokoto, Jigawa, Benue, Nassarawa, and Taraba. There is an increase in demand worldwide for Sesame seeds. It is one of Nigeria’s most profitable export products.
It is a strong-smelling pungent tasting bulb, used as a flavoring in cooking and in herbal medicine, as well as in orthodox medicine. With internationally certified good quantities of garlic, you are sure of foreign hard currencies.
Palm Kernel Oil
It is edible plant oil derived from the kernel of the oil palm commonly called African oil palm. It is used for the manufacturing of cosmetics, pharmaceutical products, confectioneries, etc. The uses of this oil are broad which is why the demand for it from other parts of the world is much. You can export to China, United States, EU countries, Brazil and India.
Tens of thousands of metric tons of charcoal are exported yearly from Nigeria and the revenues are generated to make the sector lucrative. A large market exists in the EU, USA, and Asia.
Exporting Yam from Nigeria is a good business to embark on. There is the availability of yam in states like Benue, Ekiti, Edo, Ebony, Imo, Niger, Sokoto, Osun, Oyo, etc. Once you are able to adhere to quality and regulations guarding the exportation of yam tubers to foreign countries, then you start making your hard currencies.
Cotton is one of the most natural sources of fiber and it is in demand internationally. Despite the fact that the Nigerian soil grows cotton, Nigeria has not really making good use of the opportunity as countries like Ghana and others do. Meanwhile, this product is in high demand in countries like China, Bangladesh, Vietnam, Turkey, Indonesia, Hong Kong. It is however one of Nigeria’s most profitable export products.
Cashew is however one of Nigeria’s most profitable export products and Nigeria is one of the largest producers of raw cashew nuts in shells worldwide with a yearly export volume of at least $172 million. You can export to India, Vietnam, Netherland, Germany, UK, Belgium, etc.
Cassava flour is a food for all in Nigeria because of the various method in which it can be prepared. The demand for well-processed cassava flour is increasing in Europe, Middle East, and America.
The exportation of honey is a profitable Agribusiness in Nigeria and around the world. This is so because honey has a lot of economic and health values. A litre of honey can fetch you good dollars in the foreign market. Major importers of honey are USA, Germany, Japan, UK, France, China, Italy, Belgium, etc.
This is one of the Nigeria’s most profitable export products which are often parceled and sent to interested buyers abroad who pay with hard currency. Import countries include; Hong Kong, China, Germany, Bahrain, Canada, Israel, etc. It is highly lucrative too.
Shrimp is a small free-swimming crustacean with an elongated body, typically marine and frequently of commercial importance as food. Interestingly shrimps are one of the largest Agricultural exports of Nigeria. The demand for shrimps is high in countries like France, the USA, UK, China, Spain, Belgium, Portugal, etc.
Good quantity of snail production could fetch you a whole lot of foreign exchange. There is a ready market for your product and snails are in high demand in European countries and America. Snail is easy to rear and it does not require much to feed it.
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