According to the most recent data from the National Bureau of Statistics (NBS), cashews, sesame seeds, and cocoa beans are the top agricultural products that Nigeria exported in 2022, bringing in N427.6 billion in income during a nine-month period.
In comparison to the N372.2 billion reported in the similar period of 2021, the value of the top agricultural exports climbed by 14.9% yearly.
The NBS statistics also revealed that, in terms of its share of total exports for the year, Nigeria’s agricultural export is progressively dropping.
Agricultural exports made up 1.42 percent (N84.21 billion) of all exports, which totaled N5.93 trillion, in the third quarter of 2022.
Agricultural exports made for 1.91 percent (N141.77 billion) of the nation’s total exports in the second quarter, down from 2.40 percent in the third and 2.84 percent in the first.
The top 10 agricultural products that were exported to other nations in 2022 were listed by BusinessDay. The most recent NBS data served as the foundation for the investigation.
According to data from the International Cocoa Organization, cocoa is a source of income and foreign cash for Nigeria, and the nation is the fourth-largest producer of the crop with 250,000 metric tonnes.
The NBS reports that the value of premium cocoa beans exported in the last nine months was N119.69 billion, or 27.99 percent of all agricultural exports from the nation during that time.
The Netherlands, Belgium, Germany, Indonesia, the United States, Malaysia, and Canada were the main destinations for the export of the good.
Sesame seed exports from Nigeria from January to September totaled N101.29 billion, or 23.69 percent of all agricultural exports for the time period under consideration.
Sesame seeds are a key part of Nigeria’s diversification strategy because the nation is one of the top producers in the world.
During the time period under consideration, China was Nigeria’s largest sesame seed customer. Germany, China, Japan, Vietnam, Turkey, and Greece were other export destinations.
Given the rising demand for the commodity on a global scale, sesame seeds may be essential to the nation’s effort to generate significant sums of money.
Cashew nuts- shelled
Nigeria is a significant and expanding player in the cashew business, according to the Nigerian Export Promotion Council (NEPC), with a rising market share in worldwide cashew production and an average yearly production rise of 5%.
According to the NEPC, the presently produces between 220,000 and 240,000 tonnes of cashews in the shell, which is less than its African competitors like Côte d’Ivoire and Guinea Bissau.
It shipped cashew nuts in shell worth N60.89 billion during the course of nine months, making up 14.24% of all agricultural exports during the time period under evaluation.
In the past nine months, standard-quality cocoa was exported for a total of N24.15 billion to Germany, Malaysia, the Netherlands, Indonesia, Belgium, and Italy.
Between January and September, the product made up 5.65 percent of all agricultural exports from the nation.
From October to June, Nigeria’s climate is favorable for the cultivation and supply of cocoa beans. 1.4 million hectares of farmland are planted during this rather long cocoa production era. With this, the nation can always ensure supply.
Cashew nuts- unshelled
Nigeria is one of the best nations in the world to buy cashews. According to the NEPC, Nigeria is a top exporter of raw cashew nuts of the highest quality, with an average 48 kernel yield out-turn.
Between January and September 2022, Nigeria received N16.93 billion from the exportation of cashew nuts that had been shelled. During the time under consideration, it represented 3.96 percent of the entire value of agricultural exports.
The National Cashew Association of Nigeria reports that the country made nearly N14 billion from cashew exports in 2021 and is currently working to increase annual production of the good to 1,000,000 metric tonnes.
During the time period under consideration, Nigeria exported shelled cashew nuts to Vietnam, India, the United Kingdom, the United States, and Nepal.
Coconuts, frozen shrimp, cocoa butter, ginger, and other foods also make the top 10.
The sector’s total exports during the course of the nine-month period came to N10.45 billion, or 2.44 percent of all agricultural exports during that time.