H1 2022: the agricultural sector leads Nigeria’s exports

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

It was, however, up 61.9% from the N212.1 billion recorded in the second half of 2021.

According to data from the National Bureau of Statistics (NBS), the Nigerian agricultural sector accounted for 4.96% of Nigeria’s total foreign trade in the first half of 2022.

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On the other hand, Nigeria imported agricultural products worth N907.8 billion in the first half of 2022. This represents an increase of 11% from the 817.52 billion naira recorded in the corresponding period of 2021, while it decreased by 21% from the 1.15 trillion naira recorded in the second half of 2021 .

On the list of top agricultural exports from Nigeria for the first half of 2022, cocoa beans, sesame seeds and cashew nuts topped the list, earning Nigeria a lump sum of N262.99 billion.

Check the List of Top Nigerian Agricultural 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 total recorded exports.

Interestingly, Nigeria exports around 340,000 tonnes of cocoa per year, with an estimated production of 340,000 tonnes.

Due to the high production rate, the Federal Government of Nigeria has forecast cocoa production to reach 500,000 tons per year by 2024.

Nigeria’s cocoa exports look set to contribute more to the country’s non-oil revenue, analysts say, as the stable global market continues to support its export growth.

Sesame seeds – 81.5 billion naira

Nigeria’s sesame seed exports in the first half were N81.49 billion.

The country has been one of the top producers of sesame seeds over the years, making these seeds an important component of Nigeria’s agricultural exports.

Last year, Nigerian exports of sesame oil and fractions improved slightly to $13,877,000, up from previous years.

Interestingly, China remains the largest importer of sesame seeds from Nigeria..

Cashew nuts – 67.39 billion naira

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

According to the National Cashew Association of Nigeria, it said the country has earned about 14 billion naira from the export of cashew nuts over the past year and is on track to double the annual production of the commodity to a million metric tons per year.

Dried Coconuts – N13.86 Billion

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

With the global coconut market size valued at $13.230 billion last year, efforts are being made to explore the space which is expected to reach $22 billion in 2028.

Ginger – 12.63 billion naira

Ginger recorded an export value of N12.63 during the review period, which was 0.1% of the N14.51 billion recorded.

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

From 942 million naira of ginger exports in the first three months of 2018, the value was 8.03 billion naira in the first three months of this year, and has increased more than sevenfold in five years.

A report by the National Bureau of Statistics reveals that ginger is one of Nigeria’s top agricultural exports and regularly ranks fourth or fifth.

Ginger is a highly sought after product in Europe, Asia and America, widely used in food seasonings. Root crops continued to see increased local and global demand.

Lana T. Arthur