ABUJA, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria (CBN) has pointed to poor product quality, weak packaging, and inadequate branding as critical barriers limiting Nigeria’s ability to fully tap into its export potential, particularly in non-oil sectors.
This observation was made during the Bankers’ Committee Town Hall meeting held on Monday in Lagos.
The event, jointly organized by the CBN and the Bankers’ Committee, served as a platform to highlight the pressing need for coordinated efforts across the value chain to bridge existing gaps and elevate the global competitiveness of Nigerian products.
Delivering the welcome address on behalf of Director of Consumer Protection and Financial Inclusion at the CBN, Dr. Aisha Isa-Olatinwo, Deputy Director Nelson Amuwa acknowledged the potential of locally made goods and underscored the importance of collective action in enhancing capacity across the value chain.
“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.”
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Delivering the keynote address, Dr. Bamidele Ayemibo, Lead Consultant at 3T Impex Consulting, shed light on several structural and operational challenges within the export sector.
He called for Nigeria to adopt best practices from countries that have successfully boosted their export performance.
Ayemibo emphasized the need for greater investment in research and development to enhance operational standards from 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,” he noted.
“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.”
Ayemibo urged Nigerian exporters to develop innovative packaging solutions that not only preserve product quality but also educate consumers on the value of packaging in enhancing product appeal and justifying premium pricing.
“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.”
Citing global examples, Ayemibo highlighted countries such as New Zealand as models for building strong brand identities.
“If the non-oil export sector in Nigeria is going to become competitive and grow, we must learn the result-orientated mindset of the Malaysians, the resilient mindset of the Colombians, and the resolute mindset of New Zealand,” he stated.
He also encouraged Nigerian manufacturers to embrace the country’s unique culture as a means of enhancing product branding.
“Tapping into Nigeria’s rich cultural and cultural heritage can enhance product branding, making them more appealing to consumers looking for authenticity and quality,” he noted.
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On the role of the Nigerian diaspora, Ayemibo described the ongoing wave of migration—popularly termed “Japa”—as “a blessing if we look into export because they (emigrated Nigerians) can help in market development because they live there and represent us.”
Speaking on the sidelines of the event, President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, commended the CBN and the banking community for acknowledging the persistent challenges faced by manufacturers, especially with regard to funding and energy costs.
“The problems of manufacturers are well known over time, and it’s nice that at this time the bankers too are conscious and deliberately thinking about it,” Meshioye remarked.
“The intention to find a way to enhance the competitiveness of business in Nigeria and the production sector, manufacturers in particular, with the effect of quality brands is very germane.
“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.”
Also speaking at the event, the Chairman of the Lagos Internal Revenue Service, Dr. Ayodele Subair, represented by his Special Assistant, Tokunbo Akande, stressed the importance of “creating a tax system that is fair, efficient and conducive”