The top ten agricultural exports from Nigeria in the second quarter of the year totalled N940.26 billion, accounting for 96.57% of the country’s overall agricultural export value.
Nigeria’s agricultural export sector showed mixed trends in Q2 2024, with a total of N973.68 billion worth of agricultural products exported, marking a 5.93% decline from Q1 2024, despite an overall increase in the country’s total exports.
Agricultural products remained the third highest export category for Nigeria, following crude oil and other oil products, comprising 5.01% of total exports in Q2.
This data is based on the report released by the National Bureau of Statistics (NBS).
Here are the top ten agricultural exports from Nigeria for Q2 2024, accounting for 96.57% of the total agricultural exports:
Other Frozen Shrimps and Prawns
- Export Value: N17.44 billion
- Share of Total Agricultural Exports: 1.79%
- This category re-entered the top 10 this quarter, after not being among the top products in Q1. Frozen shrimps and prawns are a significant seafood export, prized for their high protein content.
Cashew Nuts (Shelled)
- Export Value: N19.17 billion
- Share of Total Agricultural Exports: 1.97%
- Cashew nuts (shelled) saw a 36.49% decline from Q1’s N30.17 billion, yet it remained a key export product. Cashews are popular for snacking and culinary uses worldwide.
Soybeans (Excluding Seeds)
- Export Value: N31.07 billion
- Share of Total Agricultural Exports: 3.19%
- Soybeans, which are vital for both human consumption and animal feed, dropped dramatically by 73.57% from Q1 2024. This shift may reflect fluctuating global demand or domestic production challenges.
Other Cut Flowers & Flower Buds (Hibiscus Sabdariffa)
- Export Value: N38.69 billion
- Share of Total Agricultural Exports: 3.97%
- Hibiscus flower products saw a 14.74% increase in exports from Q1. Known for their antioxidant properties, these flowers are used in a variety of beverages and herbal products.
Flours and Meals of Soybeans
- Export Value: N70.35 billion
- Share of Total Agricultural Exports: 7.23%
- Soybean flour, used in food and animal feed, experienced a decline of 8.44% from Q1 exports. The product is an essential protein source for both human and livestock nutrition.
Natural Cocoa Butter
- Export Value: N75 billion
- Share of Total Agricultural Exports: 7.70%
- Natural cocoa butter exports surged by 98.83%, a significant increase from Q1’s N37.72 billion. This product is vital for the cosmetics, food, and pharmaceutical industries.
Sesamum Seeds (Sesame Seeds)
- Export Value: N102.54 billion
- Share of Total Agricultural Exports: 10.53%
- Sesame seeds, used in cooking oils and as a key ingredient in various food products, dropped 58.61% from Q1 exports. Despite this, it remains one of Nigeria’s prominent agricultural exports.
Standard Quality Cocoa Beans
- Export Value: N107.26 billion
- Share of Total Agricultural Exports: 11.02%
- Cocoa beans are crucial to Nigeria’s agricultural economy. This category saw a decline of 23.43% from Q1 exports, driven by fluctuating global cocoa demand.
Cashew Nuts (In Shell)
- Export Value: N209.79 billion
- Share of Total Agricultural Exports: 21.55%
- Cashew nuts (in shell) experienced an explosive 270.85% increase from Q1 2024. This sharp rise highlights the growing international demand for cashew nuts, which are used in a variety of snacks and culinary products.
Superior Quality Cocoa Beans
- Export Value: N247.75 billion
- Share of Total Agricultural Exports: 27.62%
- Nigeria’s superior quality cocoa beans remain the top agricultural export, with an increase of 16.49% compared to Q1. These beans are prized for their rich flavour and higher market value, particularly in the global chocolate and confectionery industries.
Key insights
- The overall value of agricultural exports from Nigeria in Q2 2024 decreased by 5.93% compared to Q1, despite a rise in total national exports by 1.31%.
- Cashew nuts (both shelled and in-shell) and cocoa beans continue to dominate Nigeria’s agricultural export landscape, contributing significantly to the sector’s earnings.
- Despite the overall decline, some agricultural products, particularly natural cocoa butter and hibiscus flowers, showed notable increases in exports, reflecting both strong global demand and possible new market opportunities.
These developments highlight the dynamic nature of Nigeria’s agricultural export market, which continues to be impacted by global trends, production fluctuations, and market diversification strategies.
