Nigeria has seen a significant increase in its export activities, with total exports reaching $2.7 billion in the first half of 2024. This figure represents a 2.6% rise compared to the same period last year, according to Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council (NEPC). Ayeni shared these details during a meeting in Abuja on Wednesday.
The report highlights that a total of 211 different products were exported during this period. Among the top exports were cocoa, beans, urea, and sesame, which played crucial roles in boosting Nigeria’s export figures.
Ayeni noted that the primary destinations for Nigeria’s exports include Malaysia, the Netherlands, and Brazil. These countries have become key markets for Nigerian products, reflecting the growing demand for agricultural goods and commodities.
Recent data from the National Bureau of Statistics (NBS) further emphasizes the strong performance of Nigeria’s agricultural sector. Exports of agricultural goods surged by 123% compared to the fourth quarter of 2023, amounting to ₦463.97 billion. When compared year-on-year with Q1 2023, the increase was even more impressive at 270%, jumping from ₦279.64 billion.
Breaking down the specifics, the NBS reported that the majority of agricultural products were sent to Asia, valued at ₦572 billion, while exports to Europe reached ₦366 billion. Leading this agricultural boom were sesamum seeds, which accounted for ₦247.75 billion, followed closely by superior quality cocoa beans at ₦231 billion and standard quality cocoa beans at ₦140 billion.
These exports play a vital role in Nigeria’s economy, reflecting the country’s potential as a major player in global agricultural markets. The focus on products like cocoa and sesame highlights the emphasis on cash crops that can generate significant foreign exchange earnings.
In addition to the positive figures, there are challenges facing the agricultural export sector. Issues such as infrastructure hurdles and supply chain management continue to affect the timely delivery of goods. Additionally, farmers have raised concerns over access to quality farm inputs, which are crucial for maintaining high production standards.
Overall, the increase in exports signals a hopeful trend for Nigeria’s economy, especially as the country seeks to diversify away from oil dependence. The government’s efforts to enhance agricultural productivity and address export challenges will be crucial for sustaining this growth.
As Nigeria continues to strengthen its position in the global market, the focus will remain on improving the regulatory environment, ensuring quality control, and fostering international trade relationships. This proactive approach could lead to even greater opportunities for Nigerian exporters in the coming years, positioning the country as a reliable supplier of quality agricultural products on the world stage.
