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  • Nigeria’s top agricultural exports in H1 2022

    Sep 22nd, 2022

    Nigeria exported agricultural goods worth N343.4 billion in the first half of the year, an increase of 17.3% from N292.8 billion recorded in the corresponding period of 2021. It is, however, a rise of 61.9% compared to N212.1 billion recorded in the second half of 2021. This is according to a breakdown in the foreign trade report released by the National Bureau of Statistics (NBS). On the other hand, Nigeria imported agricultural goods worth N907.8 billion in H1 2022. This represents an increase of 11% compared to the N817.52 billion recorded in the corresponding period of 2021, while it declined by 21% from N1.15 trillion recorded in the second half of 2021.This implies that Nigeria recorded an agricultural negative trade balance of N564.4 billion, indicating that Nigeria continues to deal with recurrent trade deficits in terms of its agricultural trade. This is despite huge investments by the federal government 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 first half of the year. 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 first half of the year. Nigeria has been one of 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.


    Source: https://nairametrics.com/2022/09/22/nigerias-top-agricultural-exports-in-h1-2022/
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