Nigeria’s Agricultural Exports Skyrocket To N1.23 Trillion In 2023

Nigeria’s agricultural sector has seen its exports soar to a remarkable N1.23 trillion in 2023, according to the latest foreign trade reports from the National Bureau of Statistics (NBS). This figure marks a significant 53% increase from the N583.3 billion recorded in 2022, underscoring the sector’s pivotal role in the country’s economy.

The surge in export value is attributed to the substantial devaluation of the naira in 2023, which, despite presenting challenges domestically, has evidently bolstered the competitiveness of Nigerian agricultural products on the global stage.

A closer examination of the exports reveals a diversified portfolio of commodities driving this growth, with notable shifts in demand and production capacities. Here’s a rundown of the top 10 agricultural exports that have made headlines in 2023:

1. Superior Quality Cocoa Beans: Nigeria is leading the charge with an export value of N258.45 billion, a substantial increase from N200.07 billion in 2022. This positions Nigeria as a key player in the international cocoa market, catering to the high demand for premium cocoa beans.
2. Sesamum Seeds: Following closely with exports valued at N253.69 billion, up from N139.84 billion the previous year, highlighting the global appetite for Nigerian sesamum seeds.
3. Soya Beans (Excluding Seeds): Marked a significant milestone with exports reaching N120.10 billion, a massive jump from N9.05 billion in 2022, reflecting the burgeoning soya industry in Nigeria.
4. Shell Cashew Nuts: Nigeria’s cashew nut production showed remarkable growth, with exports amounting to N109.93 billion, up from N66.36 billion, underlining its strength.
5. Standard Quality Cocoa Beans: Maintained a strong position with exports worth N97.71 billion, significantly higher than N32.59 billion in 2022, further cementing cocoa’s central role in Nigeria’s export portfolio.
6. Other Cut Flowers: Nigeria surprised the market with exports valued at N86.63 billion, a significant leap from N15.05 billion, indicating diversification within its agricultural exports.
7. Shelled Cashew Nuts: Recorded exports of N84.24 billion, up from N21.02 billion, showcasing Nigeria’s competitive edge in the cashew industry.
8. Soya bean flours and Meals saw an exponential rise in export value to N63.20 billion, from just N203.30 million in 2022, highlighting Nigeria’s expanding influence in the soya-based products market.
9. Natural Cocoa Butter: Exports reached N35.32 billion, more than doubling from N15.57 billion the previous year, driven by increased global demand for Nigerian cocoa derivatives.
10. Soya Bean Seeds: The sector experienced a significant upswing, with exports climbing to N28.06 billion, up from N6.84 billion in 2022, reflecting the growing international demand for Nigerian soya.