Agric export grows with cocoa leading the pack
By Jeph Ajobaju, Chief Coy Editor
Export of agricultural produce in 2021 rose to N504.9 billion or 57.02 per cent more than N321.5 billion in 2020, the highest on record, according to National Bureau of Statistics (NBS) data on foreign trade.
Imported agric-food items amounted to N1.97 trillion, a deficit of N1.46 trillion despite huge investment in the agricultural sector.
Nigeria recorded its highest agricultural trade deficit of N1.94 trillion in 2021 as import surged to N20.8 trillion against N18.9 trillion export.
Agricultural trade deficit accounted for 74.3 per cent of trade imbalance.
CBN intervention in agric
The Central Bank of Nigeria (CBN) has disbursed N975.61 billion to over 4.52 million smallholder farmers who cultivate about 21 crops to buy inputs and cultivate maize, rice, and wheat under its Anchor Borrowers’ Programme (ABP).
The CBN also disbursed about N735.17 billion to finance 671 large-scale agric-production and agric-processing.
It disbursed N19.15 billion to finance five large-scale agricultural projects between January and February 2022
The top agricultural exports in 2021 are:
Cocoa beans – N209.9 billion
Cocoa beans worth N209.89 billion were exported, accounting for 41.6 per cent of total export earnings.
Superior quality raw cocoa beans worth N37.42 billion were exported along with well-fermented cocoa beans valued at N209.9 billion.
Cocoa is a small perennial tree crop that primarily comes from the three tropical regions of the world – South East Asia, South America, and West Africa.
Cote d’Ivoire is the world’s largest producer of cocoa beans, accounting for 31 per cent of global supply.
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Sesamum seed – 113.2 billion
Sesamum seed export was N113.2 billion, higher than N98.27 billion in 2020, and accounting for 22.4 per cent of total export, according to NBS data, as reported by Nairametrics.
Sesame seed comes from a flowering plant mostly grown in the North due to the drought-resistant nature of the seed.
It has many uses, but the most important is being a source of sesame oil, the most demanded vegetable oil in the world because of its zero-cholesterol content.
Nigeria is one of the highest sesame seed-producing countries, making the seed an important component of its agricultural export.
Cashew nut – N72.8 billion
Cashew nut worth N72.8 billion was exported, 14.4 per cent of total export value. Up to N55.6 billion came from in-shell nuts and N17.2 billion from shelled nuts.
Cashew is a tree crop cultivated for food and medicine. Various parts of the fruit are of economic value, including the apple, nut, and kernel.
The primary product of cashew nut is the kernel, the edible portion. Kernels are used for various products – such as chocolate, ice cream, cake, sweet, and medicine.
Coconut – N23.83 billion
Coconut grows in 22 of Nigeria’s 36 states but is cultivated mainly in the South West with Lagos as the largest producer.
Coconut worth N23.83 billion was exported in 2021, including desiccated, fresh and dried, shelled and peeled variants.
Coconut is a raw material for pharmaceuticals, cosmetics, and beverages with limitless domestic and export potential. Its consumption continues to rise, especially dry coconut popular in the North.
Other agric exports
- Frozen seafood – N17.3 billion
- Ginger – N12.1 billion
- Flowers – N5.4 billion
- Brasil nuts – N5.2 billion
- Sesame oil and its fraction – N4.9 billion
- Natural cocoa butter – N4.7 billion
- Palm nuts and kernel – N3.8 billion