The value of the top agricultural commodities exported from Nigeria in the first quarter of 2023 increased by 38.7% compared with the N201.59 billion recorded in the corresponding period of 2022. This year, cocoa beans, sesamum seeds, cashew and seven other agricultural products topped the list of agricultural commodities Nigeria exported in the first quarter of 2023, generating N279.64 billion in revenue, latest data from the National Bureau of Statistics (NBS) show.
In the first quarter of 2023, agricultural exports accounted for 4.31% of total exports valued at N6.49 trillion. The top 10 agro-commodities that were exported to other countries in the first quarter of 2023, based on a recent foreign trade report from the National Bureau of Statistics (NBS), were:
Cocoa beans
Cocoa is a revenue and foreign exchange earner for Nigeria, and the country is the fourth largest grower of the crop with 250,000 metric tonnes, according to data from the International Cocoa Organisation. According to the NBS, the value of both superior and standard quality cocoa beans exported in the first quarter of 2023 stood at N102.71 billion, accounting for 36.73% of total agricultural exports of N279.64 billion in the country within the same period. The commodity was mainly exported to the Netherlands, Malaysia, Indonesia, Belgium, Germany and Italy.
Sesamum seeds
Nigeria’s exportation of sesamum seeds in the first quarter of 2023 stood at N67.66 billion, accounting for 24.205% of the country’s total agricultural exports within the period. Nigeria is among the top growers of sesamum seeds globally, making the seed an important component of Nigeria’s diversification plan. China was the biggest importer of sesamum seeds from Nigeria in the period under review. Other export destinations were Japan, Vietnam, Turkey and South Korea. Sesamum seeds can play a vital role in the country’s quest to earn substantial dollars as global demand for the crop continues to rise.
Soybeans
Soybeans have an average protein content of 40%. It is more protein-rich than any of the common vegetable or animal food sources found in Nigeria, according to the Nigerian Export Promotion Council (NEPC). Soybeans were introduced to Nigeria in 1908 and the country first exported the commodity in 1947.
NEPC says Nigeria’s soya beans production is rising steadily, spurred by favourable grower prices and high demand. It is estimated that the domestic soybean requirement will grow to 3,000 – 3,500 metric tonnes (TMT) by 2040. Nigeria exported Soya Beans – both with seeds and excluding seeds – to India, Canada, Turkey, Nepal, Pakistan, to the tune of N38.63 billion in first quarter of 2023, accounting for 13.8% of the country’s total agricultural exports within the period under review.
Cashew nuts
The Nigerian Export Promotion Council (NEPC) describes Nigeria as a major and growing player in the cashew industry, with a rising market share in global cashew production and an annual average production increase of five percent. The country currently produces 220,000 to 240,000 tonnes of cashew in the shell, lower than when compared with its African peers like Côte d’Ivoire and Guinea Bissau, according to the NEPC. It exported cashew nuts to the tune of N34.02 billion in the first quarter of 2023, accounting for 12.17% of the country’s total agricultural exports within the period reviewed.
Other cut flowers & flower buds of kinds, suitable for ornamental purposes
These generated N13.0 billion, accounting for 4.65% of total agricultural exports within the period.
Ginger
Ginger valued at N7.48 billion was exported from January to March. Its exports accounted for 2.67% of the N279.64 billion total agro-foods exports in the period. Citing statistics from the Food and Agriculture Organisation, the NEPC said Nigeria accounts for 40% of global ginger production, producing almost 523,000 metric tonnes annually. According to experts, ginger is one of Nigeria’s main agricultural export products, and it has ranked steadily as the fourth or fifth highest.
Other frozen shrimps and prawns
Frozen shrimps and prawns accounted for 1.8% of total agricultural exports in the period under review. Nigeria exported frozen shrimps and prawns at a value of N5.13 billion in the period.
Cocoa butter
The NEPC says there is a lot of additional export potential for Nigerian cocoa butter. According to the council, the most promising market would be the Netherlands. Additional export potential is estimated at $28.2 million up to 2021. Other interesting markets for increasing cocoa butter exports include France, Canada, Turkey and Poland. Nigeria exported natural cocoa butter to the tune of N4.88 billion from January to March 2023, accounting for 1.75% of total agricultural exports.
Other oil seeds and oleaginous fruits, not elsewhere specified
‘Other oil seeds and oleaginous fruits, not elsewhere specified’ accounted for N1.19 billion revenue and 0.43% of total agricultural exports in the period under review.
Roasted Cocoa beans
Roasted Cocoa beans earned Nigeria N1.01 billion in the period under review.
