Wood Industry: An Untapped Goldmine With Potential To Surpass Oil Revenue – Expert

The managing director and chief executive officer (CEO) of Prince Interior Furniture and Furnishing, Chief Prince Egwuekwe, has stated that Nigeria’s wood industry holds enormous untapped potential that could rival the revenue generated by the country’s oil and gas sector.

Addressing journalists yesterday in Abuja during the firm’s 25th anniversary, Egwuekwe said, “The wood sector is an untapped goldmine. We have Brachystegia eurycoma in Nigeria and Ceiba wood, Pignatus excellencia, walnut, and cedar.”

According to him, the wood industry has the potential to contribute significantly to Nigeria’s gross domestic product (GDP), create jobs, address the “japa” syndrome, and reduce the country’s reliance on oil exports.

He stated that Nigeria’s wood resources are abundant and of exceptional quality, adding that the country possesses some of the most valuable and diverse woods in the world.

“My father is a timber dealer. He owns a sawmill, so I understand the value of wood. The wood sector can generate far more revenue for Nigeria than the oil sector currently does.

“In the Western world, a cubic meter of these woods sells for 900 U.S. dollars, and we have them in trillions of cubic meters.

“The truth is, if the government consults those of us who understand the industry and how to develop it, we will provide the necessary insights,” he said.

Egwuekwe emphasised that foreigners are the primary beneficiaries of Nigeria’s untapped resources, as they extract and develop them before selling them back to Nigerians.

He stressed the urgent need to re-evaluate the country’s wood industry.

“That is why I advocate stopping furniture importation; we are importing substandard products. The so-called ‘imported’ furniture is made from the sawdust of the wood they took from us.

“The processed wood they take is used to manufacture AK-47 stocks, build ships, glass, and many other high-value products.

“They then produce furniture from the sawdust left over and sell it to us as ‘Italian furniture,’ whereas we have superior wood right here in Nigeria.”

Egwuekwe urged Nigerians to patronise locally made products, noting that Nigerian wood has the potential to last over 20 years.

Further highlighting the potential of Nigerian wood, he pointed out that while Nigeria wastes sawdust, countries like Russia use it to generate energy.

“In Nigeria, sawdust is mostly used in poultry farms or as cooking fuel, but it has far greater industrial applications,” he said.

According to him, Nigeria possesses numerous other minerals and resources capable of generating significant economic benefits, particularly in job creation, but the country remains overly dependent on oil.

Egwuekwe called for a shift in focus towards tapping into the wood industry’s potential, similar to China’s past strategy of closing its doors and empowering its youth for local furniture production.

“Because China had the political will, today, the world looks to China. After COVID-19, over five million Chinese youths became billionaires, including Alibaba’s founder, Jack Ma.

“If Nigeria looks inward, we will discover local manufacturers and entrepreneurs like Innoson Motors. However, what is needed is the necessary government support,” he said.

Reflecting on his company’s 25-year journey, Egwuekwe stated that his business has been a catalyst for transformation in Nigeria’s carpentry industry.