Industry experts have called for Nigeria to shift from exporting raw agro commodities to processed products, highlighting the untapped economic potential of value addition.
Data from the International Trade Centre shows that raw exports of commodities like cocoa, cashew nuts, and sesame seeds leave significant revenue unrealised. For example, cocoa exports worth $708 million left $404 million in untapped potential, while cashew nut exports of $220 million missed out on $437 million in additional value.
Friday Maghouga, an agro commodities exchange expert, noted that exporting processed cashew kernels is far more profitable than raw exports. He stressed that transitioning to value-added exports would enhance revenue, create jobs, and stimulate economic growth. Maghouga also highlighted the importance of investing in processing facilities to drive job creation and development.
Echoing this view, Associate Professor Unekwuojo Onuche of the University of Africa, Bayelsa State, explained that value addition increases GDP and creates local opportunities. “When we export raw materials, we create jobs for importing countries. Adding value is essential for economic growth,” he said.
Experts are urging the government to implement policies supporting the development of processing facilities and promoting value addition in the agro commodities sector to unlock Nigeria’s full economic potential.
