The agricultural industry has continued to show an impressive export capability as it has often registered its presence in the Nigerian export list with three products from the industry topping the charts in generating export earnings for the country.
Cocoa beans, Sesame seeds, and Cashew nuts came at top of the list as Nigeria exported agricultural products worth N343.4 billion in H1, 2022.
The three products earned the country an aggregate sum of N262.99 billion in H1.
According to the foreign trade report released by the National Bureau of Statistics (NBS), Nigeria earned N114.1 billion from cocoa export and this figure accounted for 0.8% of the total exports recorded by Nigeria.
During the same period, N81.49 billion was earned from the export of Sesame seeds representing 0.6% of Nigeria’s export in the first half of the year
The third highest agricultural product, Cashew nuts earned the country the sum of N67.39 billion between January and June 2022 accounting for 0.5% of total export during the period.
The figure earned from agricultural products in H1 2022 indicated a 17.3% increase from N292.8 billion recorded in the corresponding period of 2021.
When compared to N212.1 billion recorded in the second half of 2021, the figure indicates an increase of 61.9%.
Other agricultural products that earned Nigeria good income during the same period under review are:
- Desiccated Coconuts – N13.86
- billion, Ginger – N12.63 billion
- 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
These export products, however, still earned Nigeria a negative trade deficit as the corresponding value of imports was a lot greater than the export value of agricultural products during the period in review.
While the country recorded an export value of N343.4 billion from agricultural goods, the value of imported agricultural goods stood at N907.8 billion within the same period thus recording an agricultural negative trade balance of N564.4 billion.