Post by Trade facilitator on Jun 20, 2021 18:30:26 GMT 1
Cocoa, Sesame Seeds, and Cashew Nuts Top Nigeria’s Agricultural Exports In 1st Quarter Of 2021 – NBS
According to National Bureau of Statistics (NBS), Nigeria’s agricultural export stood at N127.2 billion in the first three months of 2021; January – March. This figure shows a 128% increase when compared with N55.8 billion recorded in Quarter 4 of 2020.
Fermented Cocoa Beans, Sesame Seeds, and Cashew Nuts dominated the list of agricultural food exports in Q1 of 2021; the three products jointly accounted for about 66.5% of Nigeria’s total agricultural exports in the period under consideration.
The data was released by the foreign trade department of the National Bureau of Statistics for the first quarter of 2021.
However, this amount of N127.2 is just a slight increase of 0.07% when compared with the same period in 2020; but our highest since Q1 of 2016.
Though agricultural exports increased under the period; importation of agricultural products increased astronomically by 140.5%; year-on-year basis. And also represents an increase of 18.4% on quarter-on-quarter basis.
Crude oil is still the country’s largest export earner accounting for about 66.38%; agriculture still is the base of the nation’s economy, it provides the main source of livelihood for majority of Nigerians.
The agricultural sector employs more than two-thirds of the nation’s entire labour force. But the country has failed consistently to increase output due to numerous factors working against the economy.
Though the country has through the Central Bank of Nigeria invested so much in the agricultural sector, but the effect is yet to be noticed.
The Food and Agricultural Organization (FAO), an organ of the United Nations, stated that over the past 20 years, the value added per capita in the agricultural sector has risen by less than 1% per annum.
It is estimated that the country loses about $10 billion annually from lost opportunities in the export of such agro products as, Cocoa, Cotton, and groundnuts due to decline in the production of those commodities.
The country exported agricultural products worth about N321.5 billion in the year 2020, showing a 19.16% increase when compared with N269.8 billion achieved in 2019; this is an increase of 6.27% when compared with N302.28 billion achieved in 2018.
Breakdown of Agro-Export values for first quarter of 2021
Sesame Seeds – N41.94 billion
Sesame seeds are grown in Northern Nigerian regions due to the drought- resistant nature of the seeds. Sesame seed oil is the most demanded oil in the world due to its zero cholesterol content.
The country has consistently been one of the highest producers of the commodity over the years. We produced and exported N98.27 billion in the year 2020.
Cocoa Beans – N35.49 billion
Cocoa beans is the second in the list; boasting of about N35.49 billion, this value is made up of good fermented Nigerian cocoa beans and superior quality raw cocoa beans.
It will be interesting to note that Cote d’Ivoire is the world’s largest producer of cocoa beans accounting for about 31% of the total world supply.
Cashew Nuts – N13.71 billion
The primary product of cashew nuts is the kernel, which is the edible portion of the nut. Cashew nuts are found in many parts of southern Nigeria, but properly harnessing the commodity for export has been the problem.
Coconuts – N8.66 billion
Coconut is a cash crop grown in about 22 states of the country. I believe that there is hardly any state in the country that you cannot find coconuts. How to harness the production is the problem still facing the authorities managing the economy.
Ginger – N5.57 billion
According to Nigerian Export Promotion Council (NEPC), Nigeria accounts for about 40% of the world’s Ginger production; we produce about 523, 000 metric tonnes every year.
Other minor commodities
Sesame Oil – N3.42 billion
Palm nuts and kernels – N2.75 billion
Shea Cake – 1.79 billion
Soya beans – N1.72 billion
Frozen Shrimps and prawns – N1.29 billion
We of this forum sincerely believe that the only way out for the economy is to make agriculture attractive to the youths. The country has the arable lands for farming and vast coastal areas for aquaculture. With these natural advantages, the country should be in the forefront of agricultural exports.
Do not forget that our company conducts training for those interested in starting exports or imports at our training facility.
For enquiries, contact the admin of the forum immediately.
According to National Bureau of Statistics (NBS), Nigeria’s agricultural export stood at N127.2 billion in the first three months of 2021; January – March. This figure shows a 128% increase when compared with N55.8 billion recorded in Quarter 4 of 2020.
Fermented Cocoa Beans, Sesame Seeds, and Cashew Nuts dominated the list of agricultural food exports in Q1 of 2021; the three products jointly accounted for about 66.5% of Nigeria’s total agricultural exports in the period under consideration.
The data was released by the foreign trade department of the National Bureau of Statistics for the first quarter of 2021.
However, this amount of N127.2 is just a slight increase of 0.07% when compared with the same period in 2020; but our highest since Q1 of 2016.
Though agricultural exports increased under the period; importation of agricultural products increased astronomically by 140.5%; year-on-year basis. And also represents an increase of 18.4% on quarter-on-quarter basis.
Crude oil is still the country’s largest export earner accounting for about 66.38%; agriculture still is the base of the nation’s economy, it provides the main source of livelihood for majority of Nigerians.
The agricultural sector employs more than two-thirds of the nation’s entire labour force. But the country has failed consistently to increase output due to numerous factors working against the economy.
Though the country has through the Central Bank of Nigeria invested so much in the agricultural sector, but the effect is yet to be noticed.
The Food and Agricultural Organization (FAO), an organ of the United Nations, stated that over the past 20 years, the value added per capita in the agricultural sector has risen by less than 1% per annum.
It is estimated that the country loses about $10 billion annually from lost opportunities in the export of such agro products as, Cocoa, Cotton, and groundnuts due to decline in the production of those commodities.
The country exported agricultural products worth about N321.5 billion in the year 2020, showing a 19.16% increase when compared with N269.8 billion achieved in 2019; this is an increase of 6.27% when compared with N302.28 billion achieved in 2018.
Breakdown of Agro-Export values for first quarter of 2021
Sesame Seeds – N41.94 billion
Sesame seeds are grown in Northern Nigerian regions due to the drought- resistant nature of the seeds. Sesame seed oil is the most demanded oil in the world due to its zero cholesterol content.
The country has consistently been one of the highest producers of the commodity over the years. We produced and exported N98.27 billion in the year 2020.
Cocoa Beans – N35.49 billion
Cocoa beans is the second in the list; boasting of about N35.49 billion, this value is made up of good fermented Nigerian cocoa beans and superior quality raw cocoa beans.
It will be interesting to note that Cote d’Ivoire is the world’s largest producer of cocoa beans accounting for about 31% of the total world supply.
Cashew Nuts – N13.71 billion
The primary product of cashew nuts is the kernel, which is the edible portion of the nut. Cashew nuts are found in many parts of southern Nigeria, but properly harnessing the commodity for export has been the problem.
Coconuts – N8.66 billion
Coconut is a cash crop grown in about 22 states of the country. I believe that there is hardly any state in the country that you cannot find coconuts. How to harness the production is the problem still facing the authorities managing the economy.
Ginger – N5.57 billion
According to Nigerian Export Promotion Council (NEPC), Nigeria accounts for about 40% of the world’s Ginger production; we produce about 523, 000 metric tonnes every year.
Other minor commodities
Sesame Oil – N3.42 billion
Palm nuts and kernels – N2.75 billion
Shea Cake – 1.79 billion
Soya beans – N1.72 billion
Frozen Shrimps and prawns – N1.29 billion
We of this forum sincerely believe that the only way out for the economy is to make agriculture attractive to the youths. The country has the arable lands for farming and vast coastal areas for aquaculture. With these natural advantages, the country should be in the forefront of agricultural exports.
Do not forget that our company conducts training for those interested in starting exports or imports at our training facility.
For enquiries, contact the admin of the forum immediately.
