The Central Bank of Nigeria (CBN) has pinpointed critical shortcomings in product quality, packaging, and branding as significant barriers to unlocking the nation’s export potential, particularly in the vital non-oil sectors. This assessment was a key takeaway from the recent Bankers Committee Town Hall meeting held in Lagos, where stakeholders convened to address the nation’s export challenges.
“Nigeria has a wide range of goods and services with strong market potential,” stated Dr. Aisha Isa-Olatinwo, CBN’s Consumer Protection and Financial Inclusion Director, represented by Nelson Amuwa, “However, the true value of these products remains unrealised due to constraints in quality, packages, branding and global marketing.”
The CBN emphasized the necessity for a unified, cross-value chain strategy to elevate Nigerian products to compete effectively in the global marketplace. This call to action underscored the urgency to bridge the identified gaps and bolster the nation’s export capabilities.
Bridging the Quality Gap
Dr. Bamidele Ayemibo, Lead Consultant at 3T Impex Consulting, delivered the keynote address, highlighting the diverse challenges facing the export sector. He advocated for learning from successful export-driven economies and called for increased investment in research and development. “There are some products that if the post-harvest handling is poor, no matter what the manufacturer does, it’s garbage in, garbage out,” Ayemibo noted, emphasizing the importance of quality from the source.
Ayemibo also stressed the need for sustainable practices, a growing global concern, and capacity building for farmers. “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.”
Packaging and Branding
Innovative packaging solutions were identified as crucial for preserving product quality and enhancing consumer appeal. Ayemibo urged exporters to “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. 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.”
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Drawing parallels with successful nations, Ayemibo highlighted New Zealand’s ability to cultivate a unique brand identity. “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.”
Furthermore, he encouraged manufacturers to leverage Nigeria’s rich cultural heritage to enhance product branding, appealing to consumers seeking authenticity and quality. He also considered the “Japa” trend, the emigration of Nigerians, as a potential export advantage. “Japa is a blessing if we look into export because they (emigrated Nigerians) can help in market development because they live there and represent us.”
Industry Perspectives
Francis Meshioye, President of the Manufacturing Association of Nigeria (MAN), acknowledged the CBN and bankers’ growing awareness of the challenges faced by manufacturers, particularly regarding 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 stated. He also added that “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.”
Dr. Ayodele Subair, Chairman of the Lagos Internal Revenue Service, represented by Tokunbo Akande, discussed the importance of “creating a tax system that is fair, efficient and conducive” for businesses.
This collaborative effort between the CBN, the banking sector, and industry stakeholders signals a concerted push to address the systemic issues hindering Nigeria’s export potential. As the nation seeks to diversify its economy beyond oil, enhancing product quality, packaging, and branding will be pivotal in achieving sustainable growth and global competitiveness.
