Post by Trade facilitator on May 30, 2022 13:32:45 GMT 1
Cocoa, Sesame Seeds, Cashew Nuts, Top Nigeria's Agricultural Export In The Previous Year - National Bureau Of Statistics
In the year 2021, Nigeria's agricultural exports increased by 57.02% to N504.9 billion compared to N321.5 billion recorded in the previous year, this is also the highest agro export income ever recorded.
This information is according to data extracted from the records of the National Bureau of statistics' foreign trade report for the year.
In contrast and surprisingly, Nigeria imported Agro-food items valued at N1.97 billion in the same year resulting in a deficit of N1.46 trillion.
This trade deficit is still occurring despite significant interventions and investments channeled into the Nigerian agricultural sector by the Federal Government.
Record shows that Nigeria recorded its highest agricultural trade deficit in 2021, triggering a N1.9 trillion negative balance in the year under review as Nigeria's import bills surged to N20.8 trillion as against an export value of N18.9 trillion.
It can rightly be said that agricultural trade deficit accounts for 74.3% of Nigeria's trade imbalance.
CBN interventions in agricultural sector:
The Nigerian Federal Government has disbursed a sum of N975.61 billion to over 4.5 million Smallholder farmers Who cultivated about 21agro commodities across the country for the procurement of inputs and cultivation of maize, rice, and wheat under its Anchor Borrowers' programme (ABP) through the CBN.
It is also on record that the CBN disbursed about N735.17 billion to finance 671 large-scale agricultural projects in agro-production and agro-processing.
Between January and February 2022, the apex bank also disbursed N19.15 billion to finance 5 large-scale agricultural projects.
Top Agro Exports in 2021:
Cocoa Beans:- N209.9 billion
Nigeria exported cocoa beans valued at N209.89 billion in 2021, this accounted for 41.6% of the total export earnings by the country in the year under review.
A further breakdown of the data from the NBS showed that Nigeria exported superior quality raw cocoa beans valued at N37.42 billion while export of well-fermented cocoa beans was stated at N209.9 billion.
Cocoa is a small perennial tree crop that primarily comes from the three tropical regions in the world; South East Asia, Latin America, and West Africa.
Cote d'Ivoire is the single largest producer of cocoa beans accounting for approximately 31% of the world's supply.
Sesame Seeds:- N113.2 billion
Sesame seed export increased in 2021 and was stated to be valued at N113.2 billion which is higher than the N98.27 billion recorded in the previous year. Sesame seed export accounted for 22.4% of our total exports earnings in the period under review.
Sesame seed comes from the flowering plant mostly grown in northern Nigeria due to the drought- resistant nature of the seed.
It has many uses but perhaps its most important use is as a source of sesame oil which is the most demanded vegetable oil in the world because of zero cholesterol content.
Nigeria has been one of the highest sesame seed producing countries over the years making the seed an important component of the country's agricultural export.
Cashew Nuts:- N72.8 billion
Nigeria exported cashew nuts valued at N72.8 billion in 2021 representing 14.4% of our total export earnings.
The data shows that N55.6 billion of the total was generated from the export of in-shell cashew nuts while shelled cashew nuts was N17.2 billion.
Cashew is tree crop that has been cultivated for food and medicine for many years. The various parts of the cashew fruit are of economic value which includes apple, nut and kernel.
The primary product of cashew nut is the kernel which is the edible portion of the nut. Kennels are used for various end products which include chocolate, ice cream, cakes, sweets, and even for medical purposes.
Coconuts:- N23.83 billion
Quite interesting, coconut is now earning valuable foreign exchange for the country.
Coconut is a cash crop that is grown in 22 of Nigeria's 36 States and its production is mostly in the south-western part of the country with Lagos State having the largest production area.
Nigeria exported coconut worth N23.83 billion in 2021. The coconut exported during the period included those desiccated, fresh or dried, whether or not shelled or peeled.
Coconut serves as a raw material for numerous Industries such as pharmaceuticals, cosmetics and food, and beverages with limitless domestic and export potential. Coconut consumption however has continued to rise with the growing population especially dry coconut which is consumed in the northern part of the country.
Others coming below:
Frozen seafood:- N17.3 billion
Ginger:- N12.1 billion
Flowers:- N5.4 billion
Brazil nuts:- N 5.2 billion
Sesame seed oil and its fraction:- N4.9 billion
Natural cocoa butter:- N4.7 billion
Palm nuts and kernel:- N3.8 billion
Our company is one of the best companies in Agro-Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
In the year 2021, Nigeria's agricultural exports increased by 57.02% to N504.9 billion compared to N321.5 billion recorded in the previous year, this is also the highest agro export income ever recorded.
This information is according to data extracted from the records of the National Bureau of statistics' foreign trade report for the year.
In contrast and surprisingly, Nigeria imported Agro-food items valued at N1.97 billion in the same year resulting in a deficit of N1.46 trillion.
This trade deficit is still occurring despite significant interventions and investments channeled into the Nigerian agricultural sector by the Federal Government.
Record shows that Nigeria recorded its highest agricultural trade deficit in 2021, triggering a N1.9 trillion negative balance in the year under review as Nigeria's import bills surged to N20.8 trillion as against an export value of N18.9 trillion.
It can rightly be said that agricultural trade deficit accounts for 74.3% of Nigeria's trade imbalance.
CBN interventions in agricultural sector:
The Nigerian Federal Government has disbursed a sum of N975.61 billion to over 4.5 million Smallholder farmers Who cultivated about 21agro commodities across the country for the procurement of inputs and cultivation of maize, rice, and wheat under its Anchor Borrowers' programme (ABP) through the CBN.
It is also on record that the CBN disbursed about N735.17 billion to finance 671 large-scale agricultural projects in agro-production and agro-processing.
Between January and February 2022, the apex bank also disbursed N19.15 billion to finance 5 large-scale agricultural projects.
Top Agro Exports in 2021:
Cocoa Beans:- N209.9 billion
Nigeria exported cocoa beans valued at N209.89 billion in 2021, this accounted for 41.6% of the total export earnings by the country in the year under review.
A further breakdown of the data from the NBS showed that Nigeria exported superior quality raw cocoa beans valued at N37.42 billion while export of well-fermented cocoa beans was stated at N209.9 billion.
Cocoa is a small perennial tree crop that primarily comes from the three tropical regions in the world; South East Asia, Latin America, and West Africa.
Cote d'Ivoire is the single largest producer of cocoa beans accounting for approximately 31% of the world's supply.
Sesame Seeds:- N113.2 billion
Sesame seed export increased in 2021 and was stated to be valued at N113.2 billion which is higher than the N98.27 billion recorded in the previous year. Sesame seed export accounted for 22.4% of our total exports earnings in the period under review.
Sesame seed comes from the flowering plant mostly grown in northern Nigeria due to the drought- resistant nature of the seed.
It has many uses but perhaps its most important use is as a source of sesame oil which is the most demanded vegetable oil in the world because of zero cholesterol content.
Nigeria has been one of the highest sesame seed producing countries over the years making the seed an important component of the country's agricultural export.
Cashew Nuts:- N72.8 billion
Nigeria exported cashew nuts valued at N72.8 billion in 2021 representing 14.4% of our total export earnings.
The data shows that N55.6 billion of the total was generated from the export of in-shell cashew nuts while shelled cashew nuts was N17.2 billion.
Cashew is tree crop that has been cultivated for food and medicine for many years. The various parts of the cashew fruit are of economic value which includes apple, nut and kernel.
The primary product of cashew nut is the kernel which is the edible portion of the nut. Kennels are used for various end products which include chocolate, ice cream, cakes, sweets, and even for medical purposes.
Coconuts:- N23.83 billion
Quite interesting, coconut is now earning valuable foreign exchange for the country.
Coconut is a cash crop that is grown in 22 of Nigeria's 36 States and its production is mostly in the south-western part of the country with Lagos State having the largest production area.
Nigeria exported coconut worth N23.83 billion in 2021. The coconut exported during the period included those desiccated, fresh or dried, whether or not shelled or peeled.
Coconut serves as a raw material for numerous Industries such as pharmaceuticals, cosmetics and food, and beverages with limitless domestic and export potential. Coconut consumption however has continued to rise with the growing population especially dry coconut which is consumed in the northern part of the country.
Others coming below:
Frozen seafood:- N17.3 billion
Ginger:- N12.1 billion
Flowers:- N5.4 billion
Brazil nuts:- N 5.2 billion
Sesame seed oil and its fraction:- N4.9 billion
Natural cocoa butter:- N4.7 billion
Palm nuts and kernel:- N3.8 billion
Our company is one of the best companies in Agro-Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
