Nigeria’s top 10 Agricultural Exports in H1 2023
The latest figures from the National Bureau of Statistics indicate that Nigeria exported agricultural goods worth N280.8 billion in the second quarter of 2023.
This comes on the heels of the N279.6 billion recorded in the first quarter, bringing the total value of agricultural exports for the first half of the year to an impressive N560.4 billion.
In 2022 total Agricultural exports were about N583 billion highlighting the impact of forex depreciation.
In a country like Nigeria, where agriculture serves as a cornerstone of the economy, the importance of such export data cannot be emphasized enough.
These numbers function as a critical gauge for assessing both the nation’s economic vitality and its standing in the global trade arena.
The data for the first half of 2023 offers an invaluable snapshot of Nigeria’s top ten agricultural exports. By scrutinizing these figures, we can derive key insights into market trends, the efficacy of policy measures, and emergent avenues for targeted investment.
In the following analysis, we will navigate this complex landscape of trade by exploring these leading exports, starting from those with the lowest monetary value and culminating in the most lucrative.
10. Other Cut Flowers & Flower Buds: N’ 13,007 Million (N15,053 million in 2022)
Starting the list are various types of cut flowers and flower buds. The emerging prominence of ornamental horticulture in Nigeria’s export portfolio is worthy of note, reflecting a growing market for decorative and aesthetic purposes both domestically and internationally.
9. Soya Beans Seed: N’ 15,467 Million (2022: N6.838 million)
Soya bean seeds make its debut on the top 10 list taking the ninth position. Their export suggests a high demand for Nigeria’s soya beans, indicating a promising trajectory for this commodity.
8. Other Cut Flowers & Flower Buds (Ornamental Purposes): N’ 19,887 Million (2022: N15,052 million)
The eighth spot is occupied again by ornamental flowers and flower buds, emphasizing the sector’s growing contribution to Nigeria’s agricultural exports.
7. Flours and Meals of Soya Beans: N’ 23,601 Million
Flours and meals of soya beans, a new entry, rank seventh, primarily finding use in the food industry and animal husbandry. This positions them as a significant export, which diversifies the market for Nigerian producers.
6. Soya Beans (Excluding Seeds): N’ 24,102 Million
Excluding seeds, soya beans come in at sixth place. The commodity is chiefly exported for oil extraction and as a protein source in animal feeds, representing another aspect of the versatile soya bean plant.
5. Standard Quality Cocoa Beans: N’ 32,590 Million (2022: N’32, 589 million)
Fifth on the list are standard-quality cocoa beans. They may not match their superior quality counterparts but are still an essential part of Nigeria’s export economy.
4. Cashew Nuts (Shelled): N’ 64,631 Million (2022: N’21,024 million)
Shelled cashew nuts are fourth, signifying a growing in-country processing capacity, which inherently adds more value to the product before its export.
3. Cashew Nuts (In Shell): N’ 83,196 Million (2022: N’ 66, 357 million)
In-shell cashew nuts take the bronze medal, primarily finding markets in countries like India for further processing. They represent an important source of foreign exchange for Nigeria.
2. Sesamum Seeds: N’ 105,982 Million (2022: N139, 845 million)
Close to the top are sesamum seeds, or sesame seeds, which have become increasingly significant in Nigeria’s agricultural export scene. Their versatility and wide range of uses make them nearly as valuable as cocoa.
1. Superior Quality Cocoa Beans: N’ 115,544 Million (2022: N200,066 million)
Finally, at the pinnacle are superior-quality cocoa beans. Their consistently high value in the export market signifies their continued importance to the Nigerian economy and their unparalleled global demand.
Download Nairametrics App for breaking news and market intelligence.
Full Story: https://nairametrics.com/2023/09/19/nigerias-top-10-agricultural-exports-in-h1-2023/
TAGS: #Nigerias #top #Agricultural #Exports