205 Views

Agricultural Export Rises 24% In 3 Months

Nigeria has seen its 2018 first quarter agricultural export risen by 24 percent as the country explore opportunities to earn substantial dollars through the non-oil export.

The value of the country’s agricultural export increased by N14.6 billion or 24 per cent from N56.1 billion in q1 20117 to N73.7 billion in q1 2018 on a year on year basis, data from the National Bureau of Statistics (NBS) shows.

On a quarter on quarter basis, the value of Nigeria’s agric export increased by N29 billion or 63.8 per cent from N44.7 billion in q4 2017 to N73.7 billion in q1 2018.

The sector accounted for 1.6 percent of Nigeria’s total export for the one year period.

According to the NBS data, sesame seed led the list of agricultural commodities exported for the period, followed by cocoa and cashew nuts.

The foreign trade report shows that sesame seeds worth N26.6 billion in q1 2018 from N13.03 billion in q1 2017, representing 105 percent year-on-year increase.

Stakeholders say the export numbers are an indication that the sesame seed production has the capacity to grow and earn the country huge foreign exchange and create hundreds of jobs in the country as long as the government draws a master plan for the sub-sector, as it has done in rice.

“Sesame has a lot of potentials. It has both commercial and medicinal value and oil extracted from the seeds is better than every other seed oil,” Mutairu Mamudu, national president, Sesame Farmers Association of Nigeria told BusinessDay in a telephone response to questions.

“It is 100 percent free of cholesterol and that is why the demand for it is very huge both locally and internationally,” said Mamudu.

ALSO READ  Most Influential Nigerians in 2014, By Tolu Ogunlesi

He noted that the country is still not exploiting the full potentials of sesame, urging the government to encourage more investments in the value chain of the crop.

Nigeria’s sesame production is put at 200,000 metric tonnes with an average of 0.8 metric tonnes per hectare, according to data obtained from the Federal Ministry of Agriculture and Rural Development (FMARD).

Sesame seed is Nigeria’s biggest agricultural produce exported to Japan. It is considered as one of the world’s oldest oilseed crop that has the highest oil content than any other seed.

The oil extracted from the seed is used in making vegetable oil and for medicinal purposes for treatment of ulcers and burnt. The stem as well as the oil is used by cosmetic industry in the production of soaps and other beauty products.

Mamudu stated that a kilo of sesame is sold for N350 while a metric ton is sold for N350, 000 at the farm gate. Sesame is mainly grown in the northern region of the country.

On the import side, Nigeria’s agricultural import declined by 5.8 per cent from N196 billion in q1 2017 to N184.5 billion in q1 2018 on a year on year basis. Quarterly, the import declined by 18.9 per cent from N227.4 billion in q4 2017 to N184.5 billion in q1 2018.

Major agricultural products imported agro export for the period includes wheat, mackerel, herrings and crude palm oil.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest Posts

Alibaba On Throwing Away A Good Man, Says ‘All You Need Is Understanding’
Entertainment
12 views
Entertainment
12 views

Alibaba On Throwing Away A Good Man, Says ‘All You Need Is Understanding’

MT - July 19, 2018

Veteran Nigerian comedian Alibaba, who is known for his regular nuggets on relationship issues, has just dropped another one for his fans and followers. In his latest…

8 Health Benefits of Dark Chocolate Every Woman Should Know
Food and Health
9 views
Food and Health
9 views

8 Health Benefits of Dark Chocolate Every Woman Should Know

MT - July 19, 2018

Everyone loves to eat chocolate but many think of unhealthy amounts of sugar, fat and poor diet at the mere thought of chocolate and this is not…

This Is The Cute Way Laura Ikeji Is Celebrating Her Son’s First Birthday
Best of Nigeria
7 views
Best of Nigeria
7 views

This Is The Cute Way Laura Ikeji Is Celebrating Her Son’s First Birthday

MT - July 19, 2018

Instagram brand influencer, Laura Ikeji has many reasons to be thankful as her son, Ryan celebrates his first birthday today. Laura took to Instagram to pen this…

Revealed: How FG Agency Spent N5.7bn On DSTV Subscription, Fuel Allowance – NSITF
Politics
11 views
Politics
11 views

Revealed: How FG Agency Spent N5.7bn On DSTV Subscription, Fuel Allowance – NSITF

MT - July 19, 2018

A report by the administrative panel of enquiry set up by the minister of labour and employment has shown that staff of the Nigeria Social Insurance Trust…

Governor Ortom Reveals He’s Still In APC Despite Secret Talks With PDP Leaders
Politics
15 views
Politics
15 views

Governor Ortom Reveals He’s Still In APC Despite Secret Talks With PDP Leaders

MT - July 19, 2018

Samuel Ortom, governor of Benue state, says efforts are in place to resolve the issues he has with the All Progressives Congress (APC). Ortom said this less…

Why EFCC, ICPC, Others Should Go After Governor Wike – APC
Politics
13 views
Politics
13 views

Why EFCC, ICPC, Others Should Go After Governor Wike – APC

PH - July 19, 2018

The All Progressives Congress, APC, in Rivers State has accused the Governor of the State, Nyesom Wike, of allegedly acquiring personal belongings with the State’s funds. The…

Comprehensive List of USSD Codes of All the Commercial Banks in Nigeria (Full List)
Best of Nigeria
16 views
Best of Nigeria
16 views

Comprehensive List of USSD Codes of All the Commercial Banks in Nigeria (Full List)

MT - July 19, 2018

#MobileBanking #FinancialLiteracy #FinancialInclusion #Banking In case you didn’t know Here is the comprehensive list of the USSD codes of all the licensed commercial banks operating in Nigeria:…

How FG Curtailed IPOB And Niger Delta Militants – VP Osinbajo
Politics
23 views
Politics
23 views

How FG Curtailed IPOB And Niger Delta Militants – VP Osinbajo

PH - July 19, 2018

Vice President, Yemi Osinbajo has said that the intervention by traditional rulers helped curtail the bombing of oil installations by the Niger Delta militants and the secessionist…

Chimamanda Adichie, Nnedi Okorafor, Ngũgĩ wa Thiong’o Nominated For Alternative Nobel Prize for Literature Award
Best of Nigeria
33 views
Best of Nigeria
33 views

Chimamanda Adichie, Nnedi Okorafor, Ngũgĩ wa Thiong’o Nominated For Alternative Nobel Prize for Literature Award

PH - July 19, 2018

Ngũgĩ wa Thiong’o, Chimamanda Adichie and Nnedi Okorafor are the 3 African writers nominated for an alternative Nobel Prize for Literature alternative prize award. Following the shocking…

Meet Osun APC Governorship Aspirants Participating in Tomorrow’s Primary
Politics
36 views
Politics
36 views

Meet Osun APC Governorship Aspirants Participating in Tomorrow’s Primary

MT - July 19, 2018

Less than twenty hours to the primary election of the All Progressives Congress in Osun state, September 22 governorship aspirants are making last minutes preparations to clinch…

10-Year-Old Author Launches Two Books titled Concealed and Chidubem
Featured
36 views
Featured
36 views

10-Year-Old Author Launches Two Books titled Concealed and Chidubem

PH - July 19, 2018

Family, friends and well-wishers gathered Sunday at the Terra Kulture, Victoria Island, Lagos to launch two books written by 10-year old Munachi Mbonu. The books, Concealed and…

Register for the 2018 Google For Nigeria Event
Technology
27 views
Technology
27 views

Register for the 2018 Google For Nigeria Event

PH - July 19, 2018

In Africa, Google wants to bring the internet to life for everyone by helping users connect to the Internet in a way that supports their various hustles…

2019 Presidency: Col. Bako Reveals What Buhari Will Do If He Loses Election
Politics
42 views
Politics
42 views

2019 Presidency: Col. Bako Reveals What Buhari Will Do If He Loses Election

MT - July 19, 2018

A former Military Administrator of Akwa Ibom State, Colonel Yakubu Bako, retd, has revealed what President Muhammadu Buhari will do if he loses the 2019 presidential election.…

Tunde Lemo; President Buhari Appoints Ex-CBN Deputy Governor as FERMA Chairman
Politics
31 views
Politics
31 views

Tunde Lemo; President Buhari Appoints Ex-CBN Deputy Governor as FERMA Chairman

MT - July 19, 2018

President Muhammadu Buhari has appointed a former Deputy Governor of the Central Bank of Nigeria, Mr. Tunde Lemo, as Chairman of the Federal Emergency Road Maintenance Agency.…

WATCH: Behind the Scenes of Tiwa Savage’s New video ‘Tiwa’s Vibe’
Entertainment
40 views
Entertainment
40 views

WATCH: Behind the Scenes of Tiwa Savage’s New video ‘Tiwa’s Vibe’

PH - July 19, 2018

Tiwa Savage dropped the music video for her latest single “Tiwa’s Vibe” a few days ago. She has now released behind-the-scenes footage of the video shoot. The…

Super Eagles and Arsenal Star Player, Alex Iwobi is DStv’ New Brand Ambassador (Photo)
Inspiring
29 views
Inspiring
29 views

Super Eagles and Arsenal Star Player, Alex Iwobi is DStv’ New Brand Ambassador (Photo)

MT - July 19, 2018

Leading video entertainment company, MultiChoice Nigeria, has signed on Nigeria’s wonder boy, Alex Iwobi, as its latest DStv brand ambassador. This was announced at an autograph signing…

Hosts of Moment’s Girls Talk and Eku Edewor talk ‘Gender Double Standards’
Nigerian Women
34 views
Nigerian Women
34 views

Hosts of Moment’s Girls Talk and Eku Edewor talk ‘Gender Double Standards’

PH - July 19, 2018

On a new episode of Moments Girls Talk, the hosts Tallulah Doherty, Vimbai Mutinhiri and Bolanle Olukanni are joined by media personality Eku Edewor as they discuss…

Researchers Say Being In A Bad Mood May Improve Your Brain’s Productivity
Food and Health
38 views
Food and Health
38 views

Researchers Say Being In A Bad Mood May Improve Your Brain’s Productivity

PH - July 19, 2018

Being in a bad mood may improve some people’s executive functioning, such as their ability to focus attention, manage time and prioritize tasks. Tara McAuley, a psychology…

Loading...