Nigeria is losing out on a staggering N4.6 trillion ($3 billion) worth of unrealized export potential, according to a report by the International Trade Centre. This massive shortfall is attributed to various challenges affecting the country's export revenue, including product quality, bureaucratic inefficiencies, and manufacturing capacity.

The report highlights several key products with significant untapped potential, including urea, cocoa, cashew nuts, and electric energy. For instance, urea exports are valued at $987 million, but the untapped potential stands at $520 million. Similarly, cocoa exports are worth $708 million, with an unrealized potential of $404 million. Cashew nuts also have a substantial unrealized potential of $437 million, with actual exports totaling $220 million.

Other products with notable unrealized potential include aluminum, tin ore, sesame seeds, ginger, oil cakes, shrimp, and rubber. The report's findings suggest that addressing the challenges hindering export growth could unlock significant economic benefits for Nigeria.

Expert analysis from Unekwu Onuche, an associate professor at the University of Africa in Bayelsa State, points to three major issues affecting export revenue: product quality, bureaucratic inefficiencies, and manufacturing capacity. Onuche notes that while there is demand for Nigerian products, production often falls short, and export procedures can be cumbersome, with obtaining approvals remaining a significant hurdle.

Despite these challenges, Nigeria has seen a 6.26% increase in non-oil exports in the first half of 2024, earning $2.7 billion. The Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, attributes this growth to efforts fostering export culture, increased demand for Nigerian goods, and political stability after the general elections in 2023.

The implications of Nigeria's unrealized export potential are far-reaching, with the potential to significantly boost the country's economy. Addressing the challenges affecting export growth will be crucial in unlocking this potential and driving economic development.

As Nigeria looks to diversify its economy and reduce its dependence on oil exports, the importance of addressing these challenges cannot be overstated. By tackling product quality, bureaucratic inefficiencies, and manufacturing capacity issues, Nigeria can unlock its full export potential and reap the economic benefits that come with it.

In conclusion, Nigeria's unrealized export potential of N4.6 trillion is a significant opportunity waiting to be tapped. With the right policies and investments in place, the country can overcome its export challenges and unlock a new era of economic growth and development.