Nigeria will lose at least $12 million if it fails to qualify for the 2022 World Cup.
The total includes a $2 million FIFA preparation grant and a $10 million base participation fee, according to ESPN.
Amaju Pinnick, the president of the Nigeria Football Federation (NFF), has also spoken about Nike's aspirations as the Super Eagles' official uniform sponsor.
According to Pinnick, Nike planned to manufacture special World Cup shirts that would have sold "at least 10 million shirts."
"I can tell you the loss is huge," he remarked. It's impossible to quantify. We've been working hard with our partners to put together fantastic World Cup plans. For example, if you had seen what Nike had planned for the World Cup, you would have expected them to sell at least 10 million jerseys.
"The FIFA money would have also gone to the players, who would have received $3.5 million." But, since my ambition of playing in the World Cup has been destroyed, it has been quite difficult for us in the federation, particularly for me. You have no idea how difficult it has been for us.
"As a federation, we did not leave any stone untouched." We convened right away after our elimination from the Africa Cup of Nations Cup (AFCON) to begin strategizing. We travelled to London to meet with the players, who were ecstatic and thrilled.
"They raised a number of issues that they wanted us to address, ranging from jerseys to the playing field, hotels, and the aeroplane that they would fly to Ghana on, and we answered each one."
"We completed all of our tasks. We're perplexed. Not only was it a huge loss for the federation, but it was also a huge loss for the Nigerian people.
"Nigerians should forgive us, and as the head of the federation, I will accept responsibility and apologise." We did everything we could, both humanly and materially, to ensure that they met the requirements.