29 September 2017

Nigeria: Govt - Nigeria Earned N30 Billion From Agric Exports in Q1

The Minister of Agriculture, Chief Audu Ogbeh, told the National Economic Council yesterday that the nation's agricultural export had increased by 82 percent in the first quarters of 2017.

The minister said export earnings from agricultural goods stood at N30 billion within the same period.

Ogbeh gave the breakdown of the export earnings from various crops thus: i. Sesame seeds' export of N3.7 billion to Turkey; N1.6 billion to China; and N1.6 billion to India. ii. Soya beans export of N3.4 billion to Russia; and N1.2 billion to Greece. iii. Frozen shrimp export of N2.2billions to the Netherlands. iv. Cashew nuts export of N1.8billion to Vietnam. v. Crude palm kernel oil export of N1.2 billion to the Netherlands. vi.

The total value agricultural goods' trade in Q2 2017 was N261.92 billion representing 4.60% of total trade in Q2 (1.03% lower than N30.02 billion in Q1) vii. Agriculture exports was 0.96% of total exports in Q2 2017 viii. Destination of Agriculture exports in Q2 2017 were Asia (66.38%); Europe (24.98%); Americas 4.37%; Africa 3.88%; and the Oceanic 0.39%. ix. Agriculture exports in Q2 were driven by the export of Cashew nuts worth N13.5billion or 45.4% of the total agriculture exports and 1.37% of total exports. x. Cashew nuts export to Vietnam was N12.16 billion; N1.4billion to India and N6.34 million to Kazakhstan. xi. Sesame seed exports in Q2 was N7.0 billion or 23.6% of total agriculture exports. xii.

Sesame seeds export to Japan was N1.3 billion; India N0.9 billion; Turkey N0.9 billion; South Korea N0.8billion; and China N0.6 billion. xiii. Frozen shrimps and prawns' export was N1.6billion or 9.6% of total agriculture exports: Netherlands N1.5 billion; Belgium N0.67 billion; United States N0.22 billion; France N0.17 billion; and Spain N87 million. xiv. Exports of soya bean flour and meals were N2.3 billion (7.8% of agricultural exports): N2.1 billion to Spain; N116.6 million to Ghana; N72.9 million to Senegal; N18.1million to Mauritania; and N2.0million to Germany.

xv. Other agricultural exports: Ginger N663.7 million; flowers N568.5 million; Peanut kernels and other groundnuts N481.3 million; and Milk and cream powder N282.4 million.

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