The Central Bank of Nigeria has identified poor product quality, substandard packaging, and weak branding as key challenges hindering the country’s ability to fully tap into its export potential, particularly in the non-oil sectors.
This was disclosed at the Bankers Committee Town Hall, which the CBN organised in collaboration with the Bankers Committee on Monday in Lagos.
The apex bank stressed the importance of coordinated efforts across the entire value chain to tackle these challenges and better position Nigerian products for increased success in international markets.
In her welcome address, the CBN’s Director of Consumer Protection and Financial Inclusion, Dr. Aisha Isa-Olatinwo, represented by Deputy Director, Nelson Amuwa, highlighted the potential of Nigerian goods.
“Nigeria has a wide range of goods and services with strong market potential,” Isa-Olatinwo stated.
“However, the true value of these products remains unrealised due to constraints in quality, packages, branding and global marketing.
“This forum reinforces the commitment of the Bankers’ Committee to foster collaboration among political institutions, regulators and policymakers. By giving these partnerships, you can identify and remove barriers to growth, encourage innovation and scale up the support structures that enable the environment. The Nigerian bank sector remains strong and well-positioned to support businesses in enhancing their competitiveness,” she added.
She stressed the importance of a collective effort to address these challenges and build capacity across the value chain, enabling Nigerian products to compete more effectively both domestically and globally.
In his keynote address, the Lead Consultant at 3T Impex Consulting, Dr. Bamidele Ayemibo, outlining the challenges facing the export sector.
He called for the adoption of strategies from countries that have successfully enhanced their export capacity.
To close the identified gaps, Ayemibo called for more investment in research and development, highlighting its potential to improve practices, especially at the source.
“There are some products that if the post-harvest handling is poor, no matter what the manufacturer does, it’s garbage in, garbage out. Also, focus on sustainable practice. It’s becoming a big issue in the world and a major challenge for businesses. It’s something that must be done because that’s where the world is going. And lastly, capacity building for farmers so that they know exactly what to do,” he said.
Ayemibo encouraged exporters to develop innovative packaging solutions that preserve product quality and to implement educational programs aimed at helping consumers understand the role of packaging in maintaining quality. He emphasized that this could increase consumers’ willingness to pay a premium for well-packaged products.
“Adapt to market preference. Conduct market research to understand the global packaging trend and customer preference. Ensure that the products are attractive and suitable for specific markets. And utilise packaging as a branding tool,” he added. “Packaging can serve as a critical component of branding. Nigeria should design packaging that not only protects the product but also tells a story and resonates with the consumer.”
Meanwhile, the President of the Manufacturing Association of Nigeria, Francis Meshioye, speaking with journalists on the sidelines of the town hall engagement, commended the CBN and bankers for recognizing the challenges manufacturers face, particularly regarding the cost of funding and energy expenses.
“We need to do much more locally to bring our goods to that type that will be competitive. But the key point is that you have to change the dynamics of doing things. This means that the bankers too will have to rethink and find out what they need to do to assist in ensuring that business competitiveness is sustained.”
