According to estimates, Africa’s total cannabis demand is expected to be $37 billion. With the highest cannabis consumption rate in the world, Nigeria accounts for the largest share of regional demand at $15.3 billion, followed by Ethiopia at $9.8 billion and Morocco at $3.5 billion.
At present, almost all of the region’s needs are met through the illegal black market. In spite of this, research indicates that views are shifting toward legalization, making Africa an attractive destination for early-movers.
Moreover, as the report states, Cannabis is widely planted among Nigerian farmers because the fertile land of Nigeria offers the best environment to cultivate Cannabis in the industry. Furthermore, another reason for its popularity among farmers is that Cannabis generates a decent sum of revenue and is more rapidly growing compared to other plantations.
How Much Nigeria Can Earn Through Exporting Medical Cannabis?
Medical Cannabis is currently a billion-dollar business for Nigeria’s government. One of the topmost beneficial products through this business is Cannabis oil that helps with a wide spectrum of illnesses.
The government intends to benefit handsomely from the business, which it sees as a vital source of jobs and other economic possibilities. However, the majority of Africa’s harvest is still grown illegally in the multibillion-dollar Cannabis market. In 2018, Africa accounted for an estimated 11 percent of the worldwide industry, valued at $37.3 billion, according to the Africa Regional Hemp and Cannabis Report.
Mr. Boyo stated that we have a multibillion-dollar medical Cannabis export market that is looking for something in which we have a competitive edge. Among one those are medical cannabis oil. Medically Cannabis oil is an anti-inflammatory, it aids digestion among other illnesses, and those with epilepsy know that Cannabis oil is quite beneficial in their therapy. The Ondo state government is interested in the medical advantages of Cannabis oil, which is an anti-oxidant for cancer. Therefore, medical cannabis can generate Nigeria billions in exports.
Earning Through Other Types of Cannabis
The Ondo State Government of Nigeria states that their Cannabis is among one of the best ones in the world and that it can give them profit in billions. As per the government, a plan was discussed to plant and cultivate cannabis for medicinal purposes, increase employment, and give Nigeria a piece of the $344 billion worldwide cannabis industry.
Also, the Ondo State Governor Mr. Oluwarotimi Akeredolu mentions that apart from job creation, it would be a mistake for Nigeria to lose out on the global cannabis industry, which is expected to generate $145 billion in revenue by the end of 2025. Cannabis is a global industry that can offer billions of generated revenue. However, the only issue arising is the legalization of the plant to be used for further beneficial purposes.
Exporting CBD Products
CBD has gained a lot of popularity in recent years and all for good reasons. It is a non-intoxicating substance that can offer long-lasting relief from certain ailments without making you high. In the U.S, the demand for CBD products is on the rise and seeing how fertile land like Nigeria could offer the premium standard Cannabis, it is a simple fact that they could contribute to the billion-dollar industry by exporting CBD products to the U.S and European countries where it is legal.
As per the information discussed above, it can be seen that Nigeria has a lot of potential in cultivating and exporting Cannabis, however, the only issue causing barriers is the illegal market. The export market for Cannabis is in billions and, being among the most fertile land of Nigeria, Ondo plays the key role due to which, its government indicated a plan to legalize the plant for future growth of the economy.
If Nigeria is interested in part of the billion-dollar industry of leafing with Cannabis then they’ll have to take proper steps and ensure decriminalization.