Export exists mainly in order to “transfer” commodities and services from areas of surplus to areas where they are lacking. There is no doubt that Nigeria has a comparative over other nations with regards to the export of agricultural produce because over 70% of the nation’s landmass is arable. One of such commodity that can be found in abundance especially in rural communities in Nigeria is bitter kola.
Bitter {Garcinia} Kola is one of the varieties of kola that can be found in the Nigeria and are mostly located in the southern parts of the country. Though there are no definite figures as to the annual production of the plant in Nigeria {because most are sourced from the wild the annual production} is estimated at between 130,000 MT – 150,000 MT annually.
Though about 90% of the current production of 150,000 MT is being consumed locally in the country, Bitter Kola {Garcinia} is in great demand in Britain, America, China, India and other Asian countries. It is used for food purposes apart from serving as raw materials in the pharmaceutical and food industry in the preparation of drugs, soft cola and energy drinks.
Because of the health use which bitter kola is put to, the exporter must ensure that the product is of good quality.
The product must be free of foreign materials like stones, dirty etc.
These growth and demand for bitter kola is being sustained by the growing demand for traditional medical therapy and energy drink industry.
It is pertinent to also say at this stage that the business of bitter kola export has been going on for quite some time throughout the world, although only very few people know about this lucrative business in Nigeria. The market is large, expanding and sustainable as the price keeps increasing throughout the world. Those few Nigerians that are aware of it have made their cool millions doing the business.
The product can be sourced mostly from southern part of the country in the following states in Ondo, Enugu, Osun, Oyo, Imo, Ogun etc. The selling price is usually N 200 per KG.
Bitter Kola can be traded on a large or small scale. On a large scale, the order would be in tonnage and usually packaged in containers while for the small scale operations, the order is usually in kilograms and through courier companies like EMS, FEDEX, UPS, DHL and TNT.
Bitter Kola is also one of the products that can be exported to United States of America through the African Growth and Opportunity Act {AGOA}.
Currently a kilogram of bitter kola commands a price of between $15- $17 at the international market depending on the negotiating skills of the exporter and the size of shipment while at the local market, the price is about N 200 / kg.
The return on investment on the export of bitter kola is estimated between 10%- 15%.
The successful implementation of this business begins with the purchase of our detailed manual to ascertain the actual cost/benefit status of the project.
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At Foraminifera Market Research (www.foramfera.com), we provide bespoke and up to date market research reports. Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on the export of bitter kola in Nigeria by clicking on the link below.
TRADING AND EXPORT OF BITTER KOLA IN NIGERIA; THE FEASIBILITY REPORT.
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– MARKET RESEARCH REPORTS IN NIGERIA
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