worth N343.4 billion in the first half of the year, up 17.3% from N292.8 billion in the same period in 2021. It is, however, a 61.9% increase over the N212.1 billion recorded in the second half of 2021. This is according to a breakdown in the National Bureau of Statistics’ foreign trade report (NBS).
In the first half of 2022, Nigeria imported agricultural goods worth N907.8 billion. This represents an 11% increase over the N817.52 billion recorded in the same period of 2021 but a 21% decrease over the N1.15 trillion recorded in the second half of 2021.
This implies that Nigeria recorded a negative agricultural trade balance of N564.4 billion, indicating that Nigeria continues to face recurring trade deficits in its agricultural trade. Despite significant federal government investments in the agricultural sector.
Meanwhile, cocoa beans, Sesame seeds, and cashew nuts topped the list of agricultural goods that Nigeria exported during the period, earning Nigerians an aggregate sum of N262.99 billion. Below is a list of the top Nigerian agro exports in the year’s first half.
Cocoa – N114.1 billion
- Nigeria exported cocoa worth N114.1 billion in the first half of the year, accounting for 0.8% of the total exports recorded by Nigeria.
- Cocoa is a small perennial tree crop that primarily comes from the world’s three tropical regions: Southeast 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.
- The fruit is an egg-shaped red-to-brown pod with about 30 to 40 seeds, surrounded by a bitter-sweet white pulp. When the seeds are dried and fermented, they turn brownish red and are known as cocoa beans, which are the principal ingredient of chocolate.
- A further breakdown of the NBS report showed that Nigeria exported standard quality cocoa worth N18.43 billion in the review period, while superior quality cocoa exports were stated at N95.11 billion.
Sesame seeds – N81.5 billion
- Sesame seeds export in the review period stood at N81.49 billion, representing 0.6% of Nigeria’s export in the year’s first half. Nigeria has been among the highest sesame seed-producing countries over the years, making the seed an important component of the country’s agricultural export.
- Sesame seed comes from a 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 its zero-cholesterol content.
- It is also worth noting that Nigeria exported sesame oil and its fraction worth N638 million in the same period under review.
Cashew nuts – N67.39 billion
- Nigeria earned a sum of N67.39 billion from the exportation of cashew nuts between January and June 2022. It accounted for 0.5% of the total export recorded by the African giant.
- Cashew is a tree crop that has been cultivated for food and medicine for many years. The various parts of the cashew fruits are of economic value, which includes the apple, nut, and kernel. The primary product of cashew nuts is the kernel, which is the edible portion of the nut.
- For example, cashew kernels are used in confectionery and bakery products to produce ice creams, chocolates, cakes, and sweets. Cashew nut shell liquid has also been used in making medicine used for treating various illnesses.
Desiccated Coconuts – N13.86 billion
- Nigerians exported desiccated coconuts worth N13.86 billion, which is 0.1% of the total export value recorded in the same period. Coconut is a cash crop that is grown in 22 of Nigeria’s 36 states, and its production is limited to the southwestern part of the country, with Lagos State having the largest production area.
- 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.
Ginger – N12.63 billion
Ginger stands fifth on the list with an export value of N12.63 in the review period, which accounted for 0.1% of the 14.51 trillion Recorded. According to FAO and quoted by the Nigerian Export Promotion Council (NEPC), Nigeria accounts for 40% of the global ginger production, producing almost 523,000 metric tonnes annually.
Others include
- Cocoa butter – N8.79 billion
- Frozen foods – N8.11 billion
- Plants – N6.47 billion
- Palm nuts and Kernels – N3.72 billion
- Brazil buts – N2.89 billion
