Nigeria’s sesame export has a potential market value of $1.5 billion

Published 2021년 9월 17일

Tridge summary

Nigeria's agricultural exports in the first quarter of 2021 saw a significant increase of 128% from the previous quarter, totaling N127 billion. The country's production of sesame seed and cashew is playing a key role in this growth, with sesame being the top agro-export commodity. Nigeria has the potential to generate export revenue of up to $1.5 billion from sesame if fully utilized. The Federation of Agricultural Commodities of Nigeria (FACAN) is encouraging farmers to cultivate these crops for export to tap into the global demand. However, the escalating insecurity in the northern region, where these crops are mainly grown, is posing a threat to production.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the National Bureau of Statistics, Nigeria’s agricultural exports totalled N127 billion in the first quarter of 2021. The figure represents a 128 per cent increase over N55.8 billion in the fourth quarter of 2020. Enahoro Ojiefoh, Edo chapter chairman of the Federation of Agricultural Commodities of Nigeria (FACAN), said last week at an event to distribute seedlings to farmers in Edo State, that Nigeria could generate export revenue from sesame seed, which has an estimated export value of N41.9 billion, and cashew, which has an estimated export value of N13.7 billion. Sesame topped the list of agro-export commodities in Nigeria, and the country has long been one of the top sesame seed producers. According to the Food and Agriculture Organization Statistical Databases, Nigeria is the world’s seventh-largest producer of sesame (FAOSTAT). The cash crop has the potential to bring in $1.5 billion for the country if properly maximized. Sesame seeds come from a flowering ...

Source: Venturesafrica