Nigeria’s export economy is showing promising trends. With total exports valued at ₦23.3 trillion in 2023, according to the National Bureau of Statistics. While petroleum products still dominate exports, agricultural and processed goods present opportunities for entrepreneurs looking to establish profitable export businesses.
This article highlights the top-performing export products from Nigeria, their profit potential, and market dynamics and tips to get started.
1. Sesame Seeds
Nigeria ranks among the world’s top sesame producers, contributing approximately 440,000 metric tons annually, according to recent agricultural statistics. Nigeria is positioned to earn massive returns and growth with substantial export potential in both Asian and European markets.
The global sesame seeds market size was valued at USD 7.7 billion in 2024 and is estimated to grow at a CAGR of over 2.3% from 2025 to 2034, with export prices ranging from $1,050 – $1,750 per metric ton. Some of the most profitable sesame varieties suitable for export include:
– White Sesame Seeds: These premium-grade seeds command prices between $1,600 and $1,800 per metric ton. They typically have a maximum moisture content of 6% and a minimum oil content of 48%.
– Mixed Sesame Seeds: This lower-grade variety is priced between $1,050 and $1,400 per metric ton. Making it a more accessible option for newer exporters while still providing satisfactory returns.
Top countries that demand sesame seeds include Japan, Turkey, and China.
To start a sesame export business, partner directly with farmers’ cooperatives in key producing states like Jigawa, Kano, Gombe, and Yobe. You should earmark at least ₦5-15 million to invest in working capital. Along with funds for warehousing, processing equipment, and export documentation.
Focus on quality processing by setting up sorting and moisture control equipments. Then implement testing protocols, and work on obtaining organic certification. Additionally, target importers in Japan and Turkey by attending international trade fairs, building relationships with trading companies, and considering contract farming for consistent supply.
2. Cocoa
Nigeria’s cocoa export industry generates over $800 million annually, with profit margins ranging from 25% to 45% depending on processing levels and market timing. The global cocoa market is currently estimated at $15.5 billion, with Nigeria holding a 6.5% market share, producing about 240,000 metric tons annually.
Premium speciality cocoa is priced at 20% to 40% above commodity prices, with peak pricing seasons typically occurring between March and May, and September and November.
The most profitable export options in Nigeria’s cocoa sector focus on processed products:
– Raw Cocoa Beans: Priced between $2,200 and $2,800 per metric ton, these beans have a profit margin of 25% to 30%, making them a relatively accessible option for exporters.
– Cocoa Butter: Priced between $6,500 and $8,500 per metric ton, this product has a profit margin of 40% to 50%, but requires a higher initial investment.
– Cocoa Powder: Typically priced between $3,200 and $4,500 per metric ton, this product offers a profit margin of 35% to 45%. With growing demand in Asia, cocoa powder presents significant opportunities for exporters.
If you’re interested in starting a cocoa export business, it’s recommended to begin with exporting raw cocoa beans by partnering with farmers. Focus on improving the quality to Grade 1 standards and target European and North American markets.
3. Cashew Nuts
As Africa’s third largest cashew producer, Nigeria’s cashew industry is growing at an exponential rate. And is expected to produce 300,000 metric tonnes of cashew by 2030. If you’re looking to enter the crop export market, cashew exports may be a strong option.
The global market is currently estimated at $7.8 billion, with projections indicating it could reach about $11 billion by next year. With Nigeria producing around 220,000 metric tons, valued at $160 million annually. The top countries demanding cashews include India (55%), Vietnam (30%), and Brazil (10%).
Raw cashew nuts are priced between $1,400 and $1,800 per metric ton, with profit margins of 30% to 40%. Processed cashew kernels are priced even higher, between $8,500 and $12,000 per metric ton, with profit margins of 50% to 70%.
To start your cashew export business in Nigeria, focus on sourcing from major producing states like Kogi, Enugu. Begin by building relationships with farmer associations, implementing quality grading systems. And developing storage facilities to take advantage of seasonal price variations.
For processing, you can choose between manual, semi-automated, or fully automated methods, depending on your investment and efficiency needs. Start by exporting raw nuts to India and Vietnam. Then develop processing capabilities to target premium markets in Europe and North America. Initial investments may range from ₦8-20 million for raw nut trading to ₦15-200 million for processing facilities.
Frequently Asked Questions (FAQ)
1. What are the most profitable export products from Nigeria?
The most profitable export products from Nigeria include sesame seeds (40-60% profit margin), cashew nuts (50-70% for processed kernels), ginger (45-65% margin), and cocoa products (25-50% depending on the level of processing). Charcoal exports offer profit margins ranging from 60% to 85%, making it one of the highest-profit agricultural exports. Profit margins can vary significantly based on sourcing strategies, market timing, and operational efficiency, according to industry reports and successful exporters’ experiences.
2. How much money do I need to start an export business in Nigeria?
The starting capital required varies by product: Sesame seeds require between ₦5-15 million, cocoa trading needs ₦10-25 million, cashew nuts range from ₦8-20 million, ginger exports require ₦3-8 million, and charcoal operations necessitate ₦5-12 million for small-scale operations. These estimated ranges cover initial inventory, basic processing equipment, and export documentation based on industry analysis.
3. What can I export from Nigeria to make money?
Top profitable exports include agricultural products (sesame seeds, cashew nuts, cocoa, ginger), solid minerals (charcoal), processed foods, textile materials, and leather products. Agricultural exports remain the most accessible for new exporters, with sesame seeds and ginger showing consistently strong international demand and reasonable entry barriers.
4. What documents do I need to export from Nigeria?
Essential export documents include: Business registration with CAC, Export License from NEPC, Certificate of Origin, Phytosanitary Certificate (for agricultural products), Commercial Invoice, Packing List, Bill of Lading, Insurance Certificate, and relevant quality certifications (NAFDAC, SON, ISO). The Nigeria Single Window platform has streamlined much of this documentation process.
5. Which countries buy the most products from Nigeria?
Major buyers of Nigerian export products include: India and Vietnam (cashew nuts), Japan and Turkey (sesame seeds), Netherlands and United States (ginger and cocoa), Germany and the Netherlands (cocoa products), and Middle Eastern countries plus Europe (charcoal). China is also a growing market across multiple product categories, particularly for agricultural commodities. And is also emerging as a growing market across multiple product categories, particularly for agricultural commodities.
Action Steps
Starting a successful export business requires more than just product knowledge; it demands strategic planning, operational excellence, and continuous market intelligence. The opportunities in Nigeria’s export sector are significant, but success hinges on careful execution and professional guidance.
Are you ready to transform your export business vision into reality? The next step is to develop a customised export business strategy that aligns with your specific goals, available resources, and target markets.
Professional guidance can help you avoid common pitfalls, accelerate market entry. And build sustainable competitive advantages in your chosen export sector.
Contact us to help you make your export business a success!
| |
Image by Drazen Zigic
