Nigeria’s agricultural exports saw a significant increase of 241% compared to the same time last year during the first half of 2024, according to the National Bureau of Statistics (NBS). The expansion is mainly due to the global demand for Nigeria’s farm products, including cocoa, sesame seeds, cashew nuts, and palm oil.
Okomu Oil and FTN Cocoa, two of Nigeria’s leading agricultural companies, have also seen their export sales grow a lot. Okomu Oil’s export revenue went up by 194% from last year, and FTN Cocoa made N637 million more from selling cocoa butter.
The increase in agricultural exports is a positive change for Nigeria’s economy, which has been heavily reliant on oil exports. The Central Bank of Nigeria (CBN) made changes to foreign exchange reforms, like combining exchange rates and letting the market decide. These changes have made it easier for exporters to do business.
The naira’s depreciation against the dollar has also made Nigerian agricultural firms more competitive internationally, attracting higher revenue from export transactions. By November 28, the naira got a little stronger against the dollar, trading at N1,644.86 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Industry analysts believe that the rise in Nigeria’s agricultural exports shows that there is a growing need for these products around the world. “The increase in agricultural exports is good news for Nigeria’s economy,” said an expert. “It means that Nigerian agricultural firms are becoming more competitive internationally, and the government’s work to boost these exports is working.”
However, despite the growth in agricultural exports, some industry players are worried that Nigerian agribusinesses may not be able to sell their products well in other countries. Presco, one of the best-performing agribusinesses in Nigeria, didn’t make any revenue from sales outside Nigeria in the first nine months of 2024.