Data released by the National Bureau of Statistics show that Nigeria exported agricultural goods worth N280.8 billion in the second quarter of 2023.
This shows an increase from the N279.6 billion recorded in the first quarter, and brings the country’s agricultural exports value for the first half of the year to an impressive N560.4 billion.
In 2022 total Agricultural exports were about N583 billion highlighting the impact of forex depreciation.
Agriculture is the major sustainer of Nigeria's economy, and second largest export behind crude oil. Therefore its such export data are very important.
These numbers provide veritable gauge for assessing both the nation’s economic vitality and its standing in the global trade market.
The data for the first half of 2023 indicate Nigeria’s top ten agricultural exports. By analyzing these figures, we can derive key insights into market trends, the efficacy of policy measures, and emergent avenues for targeted investment. Economic policy makers can rejig the policies, it can also help businesses in making effective business decisions.
We have curated and compiled 10 agricultural products that topped Nigeria’s exports in first half of 2023
- Superior quality Cocoa beans — N115.544 million
- Sesamum seeds — N105.982 million
- Cashew nuts (in shell) — N83.196 million
- Cashew nuts (Shelled) — N64.631 million
- Standard quality Cocoa beans: N32.590 million
- Soya beans (excluding seeds): N24.102 million
- Flours and meals of soya beans: N23.601 million
- Other Cut Flowers & Flower Buds (Ornamental Purposes): N19.887 million
- Soya beans seed: N15.467 million
- Other Cut Flowers & Flower Buds: N13.007 million
Superior Quality Cocoa Beans
Top most Agric products export at of first half of 2023 are superior-quality cocoa beans, which earned Nigeria N115.544. There has been consistence in high value of this product in the export market, undoubtedly shows its importance to the Nigerian economy and their unparalleled global demand. In 2022, the earnings amounted to N200.066 million
Sesamum Seeds
Although coming second this time, sesamum seeds, or sesame seeds, has been top Nigeria’s agricultural export for many past years. Nigeria exported sesamum seeds worth N105.982 in H1 2023, and N139.845 in 2022.
The major destinations for the product include Japan, China, Turkey, India, and Vietnam.
Their versatility and wide range of uses make them nearly as valuable as cocoa.
Cashew Nuts (In Shell)
In-shell cashew ranks number 4 with N83.196 million earnings. Its primary markets are in countries like India for further processing. They represent an important source of foreign exchange for Nigeria, as it raked in N66.357 million in 2022.
Cashew Nuts (Shelled)
Shelled cashew nuts are at the fourth spot, with N64.631 million earnings against N21.024 million in 2022, signifying a growing in-country processing capacity, which inherently adds more value to the product before its export.
Standard Quality Cocoa Beans
With N32.590 million, standard-quality cocoa beans take fifth position. This a slight increase from their 2022 earnings of N32.589. They may not have earned as much as their superior quality counterparts earned, but they are still an essential part of Nigeria’s export economy.
Soya Beans (Excluding Seeds)
Outside Soya seeds, soya beans come in at sixth place with N24.102 million worth exports The commodity is chiefly exported for oil extraction and as a protein source in animal feeds, representing another aspect of the versatile soya bean plant.
Flours and Meals of Soya Beans
Flours and meals of soya beans, a new entry, rank seventh with N23.601 million worth exports. The products are mainly used in the food industry and animal husbandry. This positions them as a significant export, which diversifies the market for Nigerian producers.
Other Cut Flowers & Flower Buds (Ornamental Purposes): N’ 19,887 Million (2022: N15,052 million)
The eighth spot is occupied again by ornamental flowers and flower buds, emphasizing the sector’s growing contribution to Nigeria’s agricultural exports.
Soya Beans Seed
The first time Soya beans seeds are making it to the top 10 exports, they earned Nigeria N15.467 million. This suggests a high demand for Nigeria’s soya beans, and prospects for this commodity. In 2022, it earned paltry N6.838 in exports.
Other Cut Flowers & Flower Buds
Various types of cut flowers and flower buds at 10 spot. They have earned the country N13.007 million in H1 of 2023 as against N15.053 million in 2022. The emerging prominence of ornamental horticulture in Nigeria’s export portfolio is worthy of note, reflecting a growing market for decorative and aesthetic purposes both domestically and internationally.