A report by the International Trade Centre (ITC) has revealed that untapped export products in Nigeria are worth $3.9 billion.

The report highlighted high-value commodities that are globally in demand, but are yet to be fully harnessed in Nigeria.

The ITC’s Export Potential Map showed that Nigeria can cash in as global demand opened up an additional $3.9 billion in export.

Nigeria’s export potential has been valued at about $7.6 billion, according to the report, driven mainly by strong opportunities in cocoa, urea, cashew nuts, and coffee, a rapidly emerging contending product in the international market.

The report highlights cocoa as one of Nigeria’s leading export commodities since the 1900s. It estimates that cocoa alone represents roughly $749 million in unrealised export value, making up about 19% of the country’s unused export capacity.

Cashew nuts (in shell) and urea also rank among Nigeria’s strongest export items, supported by solid competitiveness in global markets. Also, roasted, non-decaffeinated coffee emerged as one of Nigeria's promising export products.

ITC lists coffee alongside copper cathodes and frozen fish as the country’s most promising new export-growth products. The report emphasised the growing demand for coffee, with countries like Japan, Germany and the United States recording billions-worth of imports annually.

Japan’s annual import of this product currently stands at $1.4 billion, Germany's $4 billion, and the United States at $5.8 billion, all at zero per cent tariff for Nigerian exporters.

The Netherlands, Italy and Belgium are also major markets, with imports at $843 million, $2.2 billion and $1.7 billion, respectively. These countries place no tariff barriers on Nigerian coffee, only Korea imposes a modest 2 per cent tariff.

ITC also noted that export opportunities abound in dried Vigna mungo/radiata beans, a product described as among the easiest to reach, while global demand remains strong for jewellery of precious metals.

The Cocoa Association of Nigeria (CAN) stressed that coffee has strong potential as a cash crop, and it is profitable and can boost the country's foreign exchange earnings.

CAN Chairman, Board of Trustees, Dr Victor Iyama said: “Coffee can also become one of Nigeria’s top non-oil revenue drivers, With adequate investment and policy support."