10 Top Products to Export in Nigeria
Tags: Trade, Import, Export, World Trade Organization, Agriculture

Nigeria is ranked as the 50th largest export economy in the World (Commodity, 2020). This means the country enjoys a $10.9 billion after-import-deductions valued at $48.7 billion, from the total of $59.5 billion made.

In 2020, Nigeria shipped $33.5 billion worth of goods around the globe. The dollar amount stated reflects a -3.6% decrease since 2016 and a -3.7.5% drop from 2019 and 2020. The weak Nigerian Naira makes exports paid for in dollars cheaper and less expensive for international buyers.

Currently, Nigeria’s biggest export is crude oil representing three quarters (75.4%) of its total exported goods by value. This shows that the concentration of the exportation (https://blog.farmsby.com/exportation-what-hs-codes-are-and-what-they-are-used-for-f23523b31c84) industry is on the petroleum sector. Still, other high-value products in Agriculture can be exported to other countries, which we would be exploring below:

Sesame Seeds:

Whether broken or not, Sesame Seeds have remained Nigeria’s biggest agricultural product export for many years.

In the first quarter of 2019, Nigeria witnessed a 17% increase in revenue from the exportation of sesame seeds rising from 33.8 billion Naira; this signifies an increase of $5.7 billion.

Japan is the biggest destination for exporting sesamum seeds out of Nigeria, recording 8.15 billion Naira of Nigeria’s export of Sesame seeds. Other top destinations for exportation of the product include China, Turkey, India and Vietnam and China.

Fermented Cocoa Beans:

As of the second quarter of 2019, Nigeria’s fermented cocoa beans ranked the second-largest agricultural export out of Nigeria, generating 20.1 billion Naira as of 2019.

The top destinations for cocoa export are Germany, Netherlands, Belgium, Indonesia and Spain, generating 5.9 billion Naira, 5.7 billion Naira, 4.23 billion Naira, 1.1 billion Naira and 1 billion Naira respectively from these countries.

Raw Cocoa Beans:

Raw cocoa beans are different from the fermented cocoa beans mentioned earlier. It is simply cocoa beans in their raw form, unfermented and unprocessed.

This raw cocoa bean is ranked as Nigeria’s third-largest exported agricultural produce. It generated a revenue of about 9.8 billion Naira as of the first quarter of 2019. A 2 billion naira increase from the 9.6 billion Naira generated as of the last quarter of 2018.

The top destinations to export raw cocoa beans from Nigeria are Indonesia, Belgium, Germany, Malaysia, and Estonia. Indonesia is the largest market for raw cocoa beans exported out of Nigeria, generating 2.9 billion Naira in the first quarter of 2019.

Cashew Nuts:

Cashew nuts in a shell are Nigeria’s 4th largest agricultural export product. The country generated 4.3 billion Naira as of the first quarter of 2019. The top destinations for exporting Cashew nuts out of Nigeria are Vietnam, India, the USA, Russia and Netherlands.

Frozen Shrimps:

Nigeria’s fifth-largest export product is frozen shrimps. In the first quarter of 2019, frozen Shrimps raised a revenue estimated at 2.4 billion Naira from its exportation.

The top destinations for the exportation of the product are Netherlands, Belgium, France, Vietnam and the USA.

Low-Quality Cocoa Beans:

In the first quarter of 2019, the revenue made from the export of low-quality raw cocoa was estimated at 1.39 billion Naira, dropping drastically from 5.4 billion in the last quarter of 2018. However, this agricultural product remains the 6th top largest agricultural export from Nigeria.

Ginger:

Ginger ranks number 7 on the list of top agricultural exports out of Nigeria, generating 1.35 billion Naira in revenue as of the first quarter of 2019.

Cocoa Butter:

Natural cocoa butter, also known as shea butter, produced in Nigeria, is another top agricultural export. It generated a revenue of 1.22 billion Naira for the country in the first quarter of 2019.

Cashew Nuts, Unshelled:

Cashew nut, specifically the shelled one, is the 9th largest agricultural export product of Nigeria. It generated a total of N1.21 billion in export revenue as of the first quarter of 2019, a drop from the 1.67 billion Naira it generated in export revenue in the last quarter of 2018.

Agro-Food Items:

Agro-food items refer to fruits, vegetables and cereal crops being exported from Nigeria. The product export of agro-food items generated 922.6 million Naira in the first quarter of 2019, making it the 10th top largest agricultural export in Nigeria.

The largest country-specific data shows that 71.3% of products exported from Nigeria were bought by importers in India (15% of the global total), Spain (10.9%), Netherlands (8.6%), South Africa (7.6%), China (5%), France (4.5%), Portugal (3.7%), Cameroon (3.5%), Italy (3.5%), Turkey (3.3%), United States (3.1%) and Ivory Coast (2.6%)