H1 2022: Agricultural Sector Topped Exports for Nigeria

H1 2022: Agricultural Sector Topped Exports for Nigeria

In the first half (H1) of 2022, Nigeria exported agro-food items worth N343.4 billion, an increase of 17.3% from N292.8 billion recorded in the corresponding period of 2021.

It however witnessed a rise of 61.9% compared to N212.1 billion recorded in the second half of 2021.

According to data from the National Bureau Of Statistics (NBS), Nigeria’s agricultural sector accounted for 4.96 percent of Nigeria’s total foreign trade in H1 2022.

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On the other hand, Nigeria imported agricultural products worth N907.8 billion in H1 2022. This represents an increase of 11% when compared to the N817.52 billion recorded in the corresponding period of 2021, while it declined by 21% from N1.15 trillion recorded in the second half of 2021.

On the list of top Nigeria’s Agricultural exports for H1 2022, Cocoa beans, Sesame seeds, and cashew nuts topped the list, earning Nigeria an aggregate sum of N262.99 billion.

Check out the list of the top Nigerian agro exports in the first half (H1) of 2022

Cocoa – N114.1 billion

Nigeria exported cocoa worth N114.1 billion in the first half of the year, accounting for 0.8% of the total exports recorded.

It is interesting to note that Nigeria exports about 340,000 tonnes of cocoa yearly, with production estimated at 340,000 tonnes.

Due to the high production rate, the federal government of Nigeria has forecasted cocoa production to rise to 500,000 tonnes annually by 2024.

According to analysts, Nigeria’s cocoa exports appear set to contribute more to the country’s non-oil revenues, as stability in the global market continued to support the growth of its exports.

Sesame seeds – N81.5 billion

Nigeria’s exportation of Sesame seeds in the first half of the year stood at N81.49 billion.

The country has been one of the highest sesame seed-producing countries over the years, making the seed an important component of Nigeria’s agricultural export.

Last year, Nigeria’s Sesame oil and fractions exports improved marginally to $13,877,000, experiencing an increase when compared to previous years.

It is interesting to note that China remains the biggest importer of sesame seeds from Nigeria.

Cashew nuts – N67.39 billion

Nigeria earned a sum of N67.39 billion from the exportation of cashew nuts between January and June in 2022. It accounted for 0.5% of the total export recorded.

According to the National Cashew Association of Nigeria, it stated that the country earned about N14bn from the export of cashew in the last one year and is in the process of doubling the annual production of the commodity to one million metric tonnes per annum.

Desiccated Coconuts – N13.86 Billion

Nigerians exported desiccated coconuts worth N13.86 billion in 2022, which is 0.1% of the total export value recorded in the same period.

With the global coconut market size valued at $13.230 billion last year, there are efforts to explore the space predicted to reach $22 billion in 2028.

Ginger – N12.63 Billion

Ginger recorded an export value of N12.63 in the review period, which accounted for 0.1% of 14.51 trillion Recorded.

According to FAO and quoted by the Nigerian Export Promotion Council (NEPC), Nigeria accounts for 40% of the global ginger production, producing almost 523,000 metric tonnes annually.

From N942 million worth of ginger exports in the first three months of 2018, the value was N8.03 billion in the first three months of this year, growing more than sevenfold within five years.

A report from the National Bureau of Statistics, reveals that ginger is one of Nigeria’s main agricultural export products, and it has ranked steadily as the fourth- or fifth-highest.

Ginger is a highly sought-after commodity in Europe, Asia, and America, which is widely used in food seasonings. The root crop has continued to witness an increase in local and global demands.

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