Nigeria's agricultural exports to Europe, Asia, and other markets increases

 

In recent years, Nigeria has increased its agricultural produce exports to Europe, America, Asia and other African countries. Exporting agricultural products now accounts for almost 80% of Nigeria's total exports, with a total of N598.2bn worth of agricultural products exported in 2022 alone. This figure accounts for an 18.5% increase compared to 2021. 

Europe has become a particularly important market for Nigerian exporters. In Q4 2022, Spain, The Netherlands, India, France and Indonesia were the major export markets. The federal government's efforts to encourage both production and exports have contributed to the surge in shipments to the developed world. 

One factor that has played a significant role in increasing Nigeria's export earnings is the establishment of the Nigeria Customs Export Processing Command in Ijora, Lagos, which has become a one-stop-shop for agro-export. Within three months of operation, the command processed non-oil exports with a total tonnage of 118,184.96. It processed export goods worth N86.426bn, including cocoa beans, cashew nuts, sesame seeds, hibiscus flower, soya beans and ginger. 

Nigeria's quest to increase its export earnings received a significant boost in the fourth quarter of 2022 with the role of the new export terminal. The Lilypond Export Command, despite being a new command, recorded some major achievements, including a drastic reduction in delay in export processing, which has made the business of export effective and efficient. It has also reduced congestion along the access roads to the port and inside the port terminals, giving space for import containers, which has led to a reduced cost of export business. It has also reduced the issue of contract cancellation and the issue of pilfering of cargo has been eliminated.

Cocoa beans top the list on the export chart, followed by cashew nuts, sesame seeds, hibiscus flowers, soya beans and ginger. There has been a growing demand for Nigeria-made cosmetics and furniture by countries in the West Africa sub-region. The Nigerian Customs Service (NCS) provided the data on export to the National Bureau of Statistics (NBS), which shows that Nigeria exported N5.76tn worth of items in 2021, which increased by 23.13% in the first quarter of 2022, while imports declined by 0.67%.

This surge in Nigeria's agro-produce exports is a welcome development for the country, as it could be a significant boost to the country's economic growth. The government's efforts to encourage both production and exports should continue to support the sector, and initiatives like the new export terminal should be encouraged to drive the continued growth of Nigeria's agro-produce exports.