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The National Bureau of Statistics has published its report on foreign trade for the third quarter of 2019. The document, downloadable from its website, also reveals the top agricultural exports from Nigeria within the period, as well as the revenues they generated at the international markets.

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Data provided by the NBS shows that the sale of agricultural commodities from the country raked in ₦42 billion between July and September 2019. Most of these products were sold to countries in Europe and Asia; a total of about ₦38.5 billion– about 90 % of the revenues generated –came from these countries.

The top earning agricultural commodities were as follows:

1. Sesame

Exports of sesame seeds brought in about ₦14.8 billion for Nigeria between July and September. The biggest importers of Nigerian sesame were Japan, which purchased quantities of the commodity valued at ₦5.6 billion; Turkey (₦2.9 billion); and China (₦1.3 billion).

2. Fermented Cocoa Beans

Fermented cocoa beans fetched Nigeria ₦10.8 billion within the three months covered by the report. The product’s chief buyers were in the Netherlands (which bought cocoa beans worth ₦6.2 billion), and Malaysia (₦2.1 billion).

3. Cashew Nuts

The revenue gained by Nigeria from its cashew nut exports was put at ₦2.9 billion, making it the third most valuable agricultural export from the country. The main markets for this product were in Vietnam and the United States, which bought nuts worth ₦2.2 billion and ₦298 million respectively.

4. Raw Cocoa Beans

Nigeria made about ₦2.587 billion from the sale of raw cocoa beans. The Netherlands was the top market for this commodity, taking ₦2.3 billion worth of the beans from Nigerian merchants. Malaysia, in second place, bought quantities valued at ₦281 million.

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5.  Frozen Shrimps and Prawns

These sea foods helped Nigeria to ₦2.2 billion in export revenues. The top destinations for this product include the Netherlands, which paid Nigerian merchants about ₦1.9 billion for their shrimps and prawns; the USA, which took volumes worth ₦116 million; and Belgium, which purchased a little over ₦84 million in crustaceans from Nigeria.

Other products in the top ten agricultural exports from Nigeria include natural cocoa butter, shelled cashew nuts, coconuts (in the inner shell), cut flowers and flower buds, and seedless cotton.

The report from the NBS reveals Nigeria’s total trade in agricultural goods between July and September was ₦282 billion, with exports accounting for 14% of this figure.

Featured image source: Nairametrics

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This article was first published on 21st December 2019


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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