Industry Insights

Nigeria’s Agricultural Triumph: A Snapshot of 2023’s Leading Exports

Nigeria’s National Bureau of Statistics has announced an upsurge in the country’s agricultural exports. By the second quarter of 2023, exports hit N280.8 billion, closely following the first quarter’s N279.6 billion. Cumulatively, the first half of 2023 witnessed exports reaching N560.4 billion, almost mirroring the total N583 billion from 2022, accentuating the role of forex depreciation.

Given agriculture’s pivotal role in Nigeria, these figures are more than mere numbers. They provide insights into the nation’s economic pulse and global trade positioning.

Here’s a concise breakdown of the top ten agricultural exports for the first half of 2023:

  1. Quality Cocoa Beans: Topping the list at N’ 115,544 Million, they remain globally sought-after, highlighting Nigeria’s dominance in quality cocoa production.
  2. Sesamum Seeds: Second, valued at N’ 105,982 Million, these versatile seeds are approaching the value and importance of cocoa in exports.
  3. Cashew Nuts (In Shell): Securing the third spot, they’re valued at N’ 83,196 Million, finding eager markets especially in countries like India.
  4. Cashew Nuts (Shelled): Reflecting Nigeria’s growing processing capabilities, they’re fourth at N’ 64,631 Million.
  5. Standard Quality Cocoa Beans: Holding the fifth position at N’ 32,590 Million, these beans continue to play a significant export role.
  6. Soya Beans (Excluding Seeds): At N’ 24,102 Million, these are key for oil extraction and animal feed.
  7. Flours and Meals of Soya Beans: A fresh entry, valued at N’ 23,601 Million, they’re gaining traction in both the food industry and animal husbandry.
  8. Other Cut Flowers & Flower Buds (Ornamental Purposes): At N’ 19,887 Million, they underline the rising significance of ornamental horticulture in exports.
  9. Soya Beans Seed: Marking its entrance in the ninth spot at N’ 15,467 Million, showcasing a bright future for this commodity.
  10. Other Cut Flowers & Flower Buds: Earning N’ 13,007 Million, their inclusion further reiterates the increasing demand for ornamental horticulture.

These figures depict Nigeria’s evolving agricultural landscape, pointing to a promising future driven by both traditional and emerging commodities.