Nigeria exported N41.9 billion sesame and N13.7 billion cashew in the first quarter of 2021

Published Sep 12, 2021

Tridge summary

The Federation of Agricultural Commodity Association of Nigeria (FACAN) has reported a 128% increase in Nigeria's agricultural export revenue, reaching N127 billion in Q1 2021, with sesame and cashew nuts being the primary commodities. FACAN is working to boost this revenue further by injecting cashew trees and sesame seeds into Edo state's economy, aiming for a minimum value of N8 billion in the next five years. The Peoples Democratic Party (PDP) in the South-south has urged governors to support a legal move to reposition Value Added Tax (VAT) collection to states, seeing it as a step towards fiscal federalism. Meanwhile, the Nigerian Maritime Administration and Safety Agency (NIMASA) has been corrected by the federal government, clarifying that its role is to regulate maritime safety and security, not generate revenue.

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Original content

Federation of Agricultural Commodity Association of Nigeria (FACAN) has said Nigeria's agricultural export stood at N127 billion in the first quarter of 2021. The figure, according to the organisation, represents 128 per cent increase, compared to N55.8 billion in fourth quarters of 2020. Chairman of FACAN, Edo chapter, Mr Enahoro Ojiefoh, stated this during the distribution of sesame seeds and cashew seedlings to farmers in Edo North Senatorial District yesterday. Ojiefoh said sesame topped the list of agro-export commodities, with an estimated export value of N41.9 billion, while cashew nuts, both in-shell and shelled, valued at N13.7 billion. Ojiefoh said sesame represented huge opportunities for the country in terms of generating export revenue, adding that it was a cash crop that could fetch the country $1.5 billion, if opportunities therein were maximised. According to him, Nigeria has been one of the highest sesame seed producing countries over the years, thus making the ...

Source: All Africa