Nigeria loses billions by exporting raw materials instead of finished products, report finds
Nigeria is losing billions of dollars in potential economic value by exporting raw materials rather than processing them into finished products, according to a report by Rome Business School Nigeria. The report, titled 'Rethinking ‘Made in Nigeria’: Value Chains, Global Positioning and Economic Identity Transformation,' highlights that weak value chains hinder local businesses from creating jobs, earning foreign exchange, and competing internationally. For instance, Nigeria supplies about 40 percent of the world’s raw shea nuts but captures only about one percent of the global shea products market. This pattern extends to cocoa, leather, spices, and other agricultural commodities, where foreign businesses capture more value through processing and branding. Even in the petroleum industry, Nigeria retains only about 15 percent of the sector's value, significantly less than countries like Brazil. The report also notes that over 40 percent of fresh agricultural produce is lost post-harvest due to inadequate infrastructure, impacting smallholder farmers' incomes. Professor Antonio Ragusa, founding president and dean of Rome Business School Nigeria, emphasized that Nigeria possesses the resources and entrepreneurial talent to build a stronger manufacturing base but needs to focus on processing, innovation, branding, and production that meets international standards. The report suggests that future 'Made in Nigeria' initiatives should prioritize international certification, product
