Trade Nigeria, FG, Toyota, Nissan partner on Nigeria National Automobile Training program 2021

As one of the plans to lift Nigeria’s economy in the post-covid-19 era, the Federal Government of Nigeria will be partnering other agencies to train Nigerian Youths, in different skill set.

The programme which is put together by Trade Nigeria, so far, has three ministries, JICA Nigeria, Toyota, and Nissan automobile Japan as partners. It is expected to take place in 2021.

The President of Trade Nigeria, Hon. Nwabueze Buchi George said the programme is one of the many programmes they have lined up to alleviate the lots of Nigerian Youths especially as the world prepares for life after the pandemic.

Hon. Buchi George said the National Automobile Training program 2021, is part of their Train-Nigeria, Learn-Nigeria Project for 2021, adding that he is excited with the number of endorsements the programme has seen so far.

Federal Ministry of Special Duties and Inter-Governmental Affairs; Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as well as the Federal Ministry of Niger Delta Affairs are the three ministries involved with the programme, with Hon. Buchi George saying that their presence will further solidify the international partnerships and help in maximizing the missions of the programme.

“The mission is simple, to reduce unemployment among youths in the country, but the other side of it that we will be using it to start a revolution for the service sector of Nigeria”

“There are other programmes in the bag and kicking this off with Japan will open doors for what we have in other countries like Germany, Taiwan, France, Korea, Turkey, Sweden, China, and the UK”

“What we want to achieve is to train people who are good enough to work in any part of the world. With that kind of workforce, one thing we are sure of in Nigeria is standard. As the knowledge is passed down, we will witness a high level of change in the way things are done here”, he said.

Hon. Nwabueze Buchi George added that saving the undermined service sector will be of huge benefit to Nigeria’s economy, hailing Toyota and Nissan automobile Japan who have agreed to absorb 300 and 200 Nigerians respectively in the programme.

“Training 500 Nigerians in Japan alone is a huge step for us and the country as a whole. One thing that is very important now is to ensure that all the necessary preparatory works are done on time, while we are also working towards securing other necessary partnerships that will ensure our goals are achieved”, he added.

                                

Asia - Africa Economic and Investment Forum 2021 Tokyo, Japan: "The Event will be a Success" - Buchi George explained.

                                                

The Globe Chamber of Commerce and Industry is established undoubtedly for the promotion and development of both local and international trade.

The Chairman of the Organization, Hon. Nwabueze Buchi George revealed that the broad nature of the board of Globe Chamber of Commerce and Industry, has been the strength behind their ability to organize events across continents of the world.

Projecting the Organization plans for 2021, he made specific remark on the Asia Africa Economic & Investment Forum, where he said, the board present in the continents of the world makes it easier for them to achieve their set goals.

He hailed the board members from around the world for everything they put into the organization, adding that it make things easier.

“We have an amazing team around the world. Wonderful people who have dedicated their time to building a better world through development, trade, and investment”

“With a pragmatic board and team members, you can get things going easily. We look forward to achieving a whole lot in 2021”

Talking about Asia Africa Economic & Investment Forum 2021, Hon. Buchi George has held his own side of the bargain in ensuring the event is a success.

 Speaking through our media in Abuja after an inter-ministerial meeting held on Thursday the 10^th of October 2021, the gaffer rolls out plans for the Asia – Africa Economic Forum and explained confidently why the Asia – Africa Economic Forum Sited in Tokyo, Japan from the 3^rd to the 10^th of October 2021 will be a success.

He argued that having a wonderful team is often the untold part of every success story.

“The goal has always been to connect continents through development, trade, and investment. After Tokyo, we will be moving to other countries in the continent”

“We understand that Africa needs to be involved globally when it comes to trade and investment. Africa needs to play alongside big players and Africa needs to be portrayed as a genuine contributor to the global trade and not as ordinary receivers”

 “We are not alone in this and we understood that a tree cannot make a forest, but if the seeds are planted some distance apart, we’re sure to have our forest in no distant time, he added”.

“The organization have made plans to manage the ripple effects of all the intercontinental fora they have designed and set in motion”, he concluded.

 
The organization undeniable focus has always being their willingness to build cross national trade and investment that will be beneficial to all.

Forex Ban: Bureau de Change Operators set to meet CBN

 

The Association of Bureau de Change Operators in Nigeria (ABCON) is set to meet with the Governor of the Central Bank of Nigeria (CBN) within the next one week.

This was disclosed by operators who preferred to remain anonymous.

“The ban has been a rude shock to all operators, including the executive of ABCON, as none of us was expecting such directive at a time the Naira has not been faring well.

“No doubt, the effect will be on our currency. Already, the exchange rate as at today is around N525/$1 or more depending on the area,” one of the respondents said. 

All efforts to get the reaction of ABCON proved abortive, as its President, Dr Aminu Gwadabe, did not not pick calls or respond to text messages.

The CBN had on Tuesday, banned the licensing of new BDC operators and processing of their application for forex across the country.

This disclosure was made by the CBN governor, Godwin Emefiele, while reading the communique after the 2-day Monetary Policy Committee (MPC) meeting on Tuesday, July 27, 2021.

According to Emefiele, CBN receives about 574 license applications from BDCs every month adding that there are currently 5,500 licensed BDC operators across the country.

He stated, “In particular, we have noted with disappointment and great concern that our Bureau De Change operators have abandoned the origin objective for their establishment, which was to serve retail end users who need $5,000 or less. Instead, they have become wholesale dealers, illegally in foreign exchange to the tune of millions of dollars per transaction.”

“Despite the fact, that Nigeria is the only country in the world today where a central bank sells dollars directly to the Bureau De Change operators, Nigeria Bureaus De Change segment have not reciprocated the bank’s gesture to help maintain price stability in that market.”

Nigeria - Korea Economic and Investment Forum 2021

 

Nigerian and South Korea will be making a huge move to strengthen bilateral trade between them in September as they hold a Trade Mission in Seoul, South Korea.

The Nigeria – Korea Economic and Investment Forum is a Joint Trade Mission which will strengthen economic ties between the two the countries is billed for Seoul, South Korea from the 12^th to 15^th of September 2021.

According to the chairman of Trade Nigeria, Hon. Nwabueze Buchi George, the Business Investment, Trade and Economic Exchange will promote local and international goods and services from the two countries, adding that it is an event both public and private sectors should not take for granted.

“The event will promote a lot of local and international businesses, factories, investments, companies, industries, locally made goods, products and services, visitors, traders, and investors”

“This will be a huge opportunity for Nigerian manufacturers and providers of services that needed a platform for export. It will also help others seeking international partnerships and investors”, He added.

Nigeria-Korea Economic and Investment Forum is produced by Trade Nigeria in partnership with Globe Chamber of Commerce and Industry (GCCI); and other Trade Organizations.

It is also a joint initiative and partnership with Transnational Trade and Commerce Center, Ministry of Foreign Affairs, World Trade Summit & Expo Organization, Nigerian Embassy Turkey, Globe Chamber of Commerce and Industry, States and Federal Government of Nigeria.

State Chambers of Commerce & Industries; State Government Representatives; Industrialists, Investors and others, are those expected at the event.

 

Trade Nigeria: We are growing the Nigeria Brand across continents – Buchi George

 

 

 Trade Nigeria is showcasing and growing the Nigeria brand through her numerous trade/business programmes across continents.

Speaking in Abuja Nigeria, the Hon. Buchi George who is the Chairman, and founder of Trade Nigeria, said the main aim of the organization is to produce a conducive business atmosphere for economic activities to thrive not only in Nigeria but across continents of the world.

“The Organization is actually designed to promote, protect and develop platforms and programmes that will help local business thrives beyond Nigeria as well as contribute ideas that will not only enhance the overall economic stability of Nigeria, but also encourage both national and international interests in local businesses in the country”, he added.

Earlier through a message on the official website of the Organization, the Trade gaffer said; “Trade Nigeria is a global workpiece for all industry stakeholders and its reputation alone attracts a vast international audience. It provides the most diverse range of exhibitors from core sectors of the trade industry such as Business, Investment, Economic Exchange, Manufacturing, Technology, Trade, and Commerce”.

“With numerous partners from all over the world, it is an effective and efficient platform were potential customers, manufacturers, suppliers, among others meet to partner”, He further established.

Stretching further, Hon Buchi George said our Projects has already recorded tremendous achievements, citing Trade Nigeria Business Roudtable: were Investors/Delegation meet and partner; Nigeria Joint Trade Mission and business Delegation of Industries: were domestic business men and women are opportune to partner with their foreign counterpart; Project 360:  Trade with Nigeria, Invest in Nigeria: a platform that encourages investment as to grow the economy ; Trade Nigeria, Learn Nigeria: a platform that encourages entrepreneurs, skillset development and capacity building.

Other achievements listed are Nigeria Investment opportunities as investment destination; Nigeria Business Forum; Display of non-functioning industries in Nigeria for Investors takeover; Exhibition of goods and services from Nigeria amongst others.

In partnership with the Federal Ministry of foreign Affairs. Globe Chamber of Commerce and Industry, the Presidency, and various international Trade Organizations, Trade Nigeria is so far putting up joint trade missions to Korea, Japan, Taiwan, Malta, Czech, Poland, Australia as well as Nigeria Joint Agro-Tech Mission, with Hon Buchi George adding that there is still more to come as they will stop at nothing until Nigeria becomes a global business hive.

 

Preparations and Strategic Meetings are in full gear as we roll out plans For 'Nigeria – Korea Economic Forum 2021' - Hon. Buchi George. .

 

 

Nigeria – Korea Economic Forum is part of the efforts of the Trade Nigeria to strengthen trade between Nigeria and other country as well as Africa and other continents.

The event which is billed for the 12th to 15th of September 2021 will be joining other plans set aside by Trade Nigeria for the post Covid-19 era, adding that preparations and series of collaborative meetings are on to ensure that the event will bring about the desired growth needed for Nigeria economy.

According to the Chairman of Trade Nigeria, Hon. Buchi George, series of inter-ministerial and collaborative meetings are being held to ensure that the event produces the desired result; in ensuring all inclusive growth in the Nigerian economy.

"Nigeria and Korea will have a lot to offer each other, We can learn, trade and share both technologies and strategies to make both nations better”

“It is a joint trade mission, state visit, business delegation of industry, investment and commerce to Korea. While over there, our people have a lot to learn from how they have been pulling through, and I believe it will be a wonderful experience”, he added.

 

Nigeria – Korea Economic Forum 2021 joins the list of other events like Nigeria – Asia Trade Mission and  Business Delegation 2021 which comprises of;  Nigeria - Japan Economic Forum 2021, Nigeria - Taiwan Economic and Investment Forum and  and Nigeria - Malta Economic and Investment Forum 2021, and a host of others.

“2021 is already a rough perch for most business owners, but we believe the world will heal and get over this pandemic. We are making collaborative plans, since one thing that has always solved trade problems is international collaborations”

 “Nigeria – Korea Economic and Investment Forum billed for September 2021 is simply one the numerous business collaboration platforms we can create as a quick recovery plan for Nigeria and other nations of the world” he added.

The event which has been scheduled for the 12th to 15th of September 2021,  Hon. Buchi George added, that things will become clearer as we move on.

 For further Information please call or Visit any of the Trade Nigeria offices closer to you:

Abuja

Edo House, suite 5 – 05 fifth floor,

Central business district, Abuja.

+234(0)9074484983
+234(0)9033131552
+234(0)8124066664

Rivers State

#6, Omerelu Street, GRA Phase 1,

Port Harcourt, Rivers State.

+234(0)8161261262

+234(0)7056863770
+234(0)7010882314
+234(0)9080088327

 

Globe Chambers of Commerce canvassed For Collaboration as they Unveil Post-Pandemic Strategies

Globe Chambers of Commerce and Industry GCCI have revealed that collaboration remains the major ingredient in getting economies back on track after the pandemic.

The organization said that two weak economies can become stronger with strategic collaborations, adding that as nations are working towards self-sufficiency, bilateral trade is still a handy tool that will ensure quality of  foreign exchange.

With GCCI being an international trade organization, the group added that public-private partnership is also necessary to ensure the best hands a brought in to achieve the inevitable post-pandemic economic revival every country is clamouring for.

“We’re an organization with great initiative and innovations in the development and promotion of trade, business and investment around the world”, GCCI President, Hon. Nwabueze Buchi George said.

“The major background of our organization is to build bilateral and multilateral trade partnerships which will form bridges between the private and public sectors”

“We design programmes that benefit all sectors by promoting trade and investment from as low as the rural level to national and international levels while collaborating with relevant government and international agencies.”, he said.

 

Globe Chambers of Commerce and Industry whose major services are Trade and Investment Promotions; Business Development; Trade Exhibition, Expo, Trade Fairs, Conferences, Summit, Forum; Trade and Investment Programme, Production and Promotions; Bilateral & Multilateral Economic Exchange and cooperation and joint venture routes; and G2G, G2B, B2B, B2C Trade Meetings

Hon. Buchi George further stated that the organization is globally grounded with partnerships with similar organizations adding that they have come to understand over time that nothing works if anyone wants to achieve it alone.

“We’re founded with excellence in service delivery and from experience, we have come to understand how the system works in different countries through our partners”

“Our goal is to be a global brand that supports economic growth through promotion of trade and investment policies also developing trade which focuses on industrialization and human capital development”, Hon. Buchi George said.

 

In focus: Nigeria - Greece Trade Mission and Business Delegation to Athens, Greece.

 

The Nigeria – Greece Trade Mission and Business Delegation to Athens is designed by Trade Nigeria in partnership with Globe Chamber of Commerce and industry with the primary purpose of establishing trade relationships, explore investment opportunities, and promote local content for the Nigerian local economy.

Business organizations and participants across the shores of Nigeria seeking for the opportunity to expand their services and products into the Greek market will also be given to participate in the Trade mission. This is a great opportunity for Nigerian SME’s to enhance their business opportunities by expanding to an international relationship.

The trade mission will be designed in line with the Government of Nigeria’s commitment to implement progressive and inclusive trade that leads to sustainable economic growth and greater trade and investment opportunities for Nigerian businesses.

The Nigeria – Greece Trade Mission and Business Delegation in its capacity will support Nigerian companies and organizations across a variety of sectors  like: renewable energy, technologies, infrastructure, professional services, education, agriculture, mining and transportation, and encourage their business initiatives in Europe through meetings with key industry players, potential local partners, potential buyers and targeted institutions. The event will also seeks to establish a connection, and facilitate partnership building, among Nigerian enterprises and organizations.

In addition, Participants will be afford the luxury of Learning about the wonderful investment opportunities that Greece offers, but the organizers  will create a healthy balance; create avenue for the participants to enjoy Greece and what it offers to investors: unique weather, clean environment, bespoke hospitality, worldwide famous culture, healthy Mediterranean food, safety, high-level education and good medical services.

Participants will be afford the luxury to immerse ourselves in the Greek culture and lifestyle, including property tours of new developments and lot more.

Stay tuned as more information on The Nigeria – Greece Trade Mission and Business Delegation to Athens comes your way.

 

For enquiries contact any of the Trade Nigeria’s offices:

Address:

Abuja

Edo house,

Suite 5-05, fifth floor,

Central business district,

Abuja.

09033131552

09074484983

08124066664

 Rivers State

No. 6 Omerelu Street, 

GRA phase 1, Port Harcourt.

Rivers state.

08161261262,

07010882314,

09074569808,

09080088327

Covid-19: African Leaders Should Take The Production Of Covid-19 Vaccine serious --AFDB

 

Dr Akinwumi Adesina, President of the African Development Bank (AfDB) has urged African leaders to take the production of vaccines serious in a bid to increase access to vaccines for African citizens.

Dr Adesina disclosed this at the AfDB’s 2021 Annual meetings on Wednesday.

“Africa needs solutions to help it navigate through the very challenging times posed by the Covid-19 pandemic. But the rebound will depend on access to vaccines,” he said.

 

He added that the AfDB would support the continent as part of the vaccines plan of the African Union, through its intention to commit three billion dollars to develop the pharmaceutical industry in Africa, citing that Africa should not be begging for vaccines but producing vaccines.

 

“The G-7 Leaders’ summit last week gave the green light for allocating 100 billion dollars of SDRs to Africa. This will open the way for much-needed relief for Africa.

It will require that we mutualize our resources, avoid regional spillover effects, regionalize fiscal policy rules, develop homegrown reforms and debt-resolution approaches, and provide a regional safety net that will complement the global safety net of the International Monetary Fund,” he added.

The World Health Organization, alongside its COVAX vaccines partners, announced a plan to establish its first COVID mRNA vaccine technology transfer hub.

“Interested manufacturers from low- and middle-income countries can receive training and any necessary licenses to the technology. WHO and partners will bring in the production know-how, quality control and necessary licenses to a single entity to facilitate a broad and rapid technology transfer to multiple recipients,” WHO said

 

Rapid Developing Sectors In Nigeria

 

According to data from the National Bureau of Statistics, Nigeria’s real GDP growth rate in the first quarter of 2021 was 0.51%. This comes after a 0.11% GDP growth rate in the fourth quarter of 2020, which effectively pulled Nigeria out of recession. Hence, it would be prudent to access the fastest growing sectors in the Nigerian economy.

Agriculture increased by 2.28% compared to 3.42% in the previous year. Manufacturing has recovered from the recession, rising at a rate of 3.4%. Trade contracted more slowly. Construction increased by 1.42% in the fourth quarter of 2020, compared to 1.21% in the previous quarter. According to research, Nigeria could have achieved a GDP growth rate of at least 1.7% if the Agriculture and Information and Communication sectors had maintained their growth paths into the fourth quarter of 2020.

The performance of the Communications industry was the cause for the weak GDP growth in the first quarter of the year. In the previous three quarters, Nigeria’s telecommunication industry has been the main engine of economic development and has played a key role in bringing the country out of recession. However, the bullish momentum of oil bolstered Nigeria’s recovery and economy.

Here are the rapid developing sectors in Nigeria in first quarter of 2021.

•         Mining and Quarrying

The Mining and Quarrying sector grew by –2.19% (year-on-year) in the first quarter of 2021. Compared to the same quarter of 2020, the sector growth rate was lower by –6.77% points but higher by 16.25% points when compared to the fourth quarter of 2020. Quarter on quarter, the growth rate recorded was 31.15%. The contribution of Mining and Quarrying to real GDP in the quarter under review stood at 9.28%, lower than the rate of 9.54% recorded in the corresponding quarter of 2020 but higher than the 6.09% recorded in the fourth quarter of 2020. The major contributor is the Metal Ores under Mining and Quarrying Sector which grew by 28.83% in Q1 2021 from -9.38% in Q4 2020 and -4.10% in Q1 2020.

•           Water supply, Sewerage, Waste Management and Remediation

Water Supply, Sewerage, Waste Management and Remediation sector grew by an outstanding 14.75% in Q1 2021 when compared with 1.92% in Q4 2020 and -0.18% in Q1 2020. The sector has seen an upward trend with a slight dip in 2020 Q4 of 1.94 from its 2.1 in the previous quarter. This sector has been revamped as regulation around the covid-19 pandemic vanishes and the economy returns to normal.

•   Electricity, Gas, Steam and Air Conditioning Supply sector

From -2.51% in Q4 2020 to -2.31% in Q1 2021, this sector grew by 8.66 % in Q1 2021. This indicates a positive trend in this sector; however, the Nigerian power outage epidemic is a large enough gap to be filled and could be very profitable for those who invest in a solution. Furthermore, analysts remain skeptical of the sector’s ability to maintain its rapid growth.

 

•   Information and Communication sector

Telecommunications and information services, publishing, motion picture, sound recording, music production, and broadcasting are the six activities that comprise the Information and Communication sector. In the first quarter of 2021, the sector grew at a real-term pace of 6.47 % year over year. From the rate reported in the equivalent period of 2020, there was a decline of -1.18 % points in the quarter. In real terms, the sector grew at a pace of -14.80% in the third quarter. In addition, the industry contributed 14.91% to aggregate real GDP in Q1 2021, more than in the same quarter of the previous year in which it was 14.07%, which was lower than the previous quarter’s figure of 15.06 %.

 

Businesses with the rapid developing GDP contribution offer regions of growth in an otherwise devastated economy. These are industries where profits are now being earned at a significant rate when compared to the base year of 2020 in real terms. These sectors are eye candy to investors and the economic growth in them presents the following potentials:

•      They can attract significant investments into these sectors
•   Commercial banks can use them for further loan considerations into these sectors
•   Shareholders and investors can choose to reposition their portfolio and benefit from the     recovery
•  There are more opportunities for job growth and new job creation from the sector

 

Japan - Africa Economic and Investment Forum

 

The Japan - Africa Economic and Investment Forum is designed under the umbrella of Globe Chamber Of Commerce and Industry in partnership with Trade Nigeria.

The event will be based on improving exchange between nations, Deepening Investment Partnerships and furthermore edifying on the requirement for exchange.

 Africa is the world’s second largest and second most populous continent, comprising more than 54 countries. With a population of over 1 billion, it is attractive for any investor. Being successful in these markets requires insight into the languages, cultures, government bureaucracy, regulations, type of innovative technologies and workforce of each country. Everyone is different, and this makes it very difficult to use the same recipe for any two countries.  There may be similarities in the regions but inside information is still required.
If you consider culture to be an integrated pattern of human knowledge and beliefs, as well as a set of shared attitudes, values, goals, and practices that characterize a group of people, then Africa is a continent with diverse culture. This should be seen as an opportunity for any investor.

The Japan - Africa Economic and Investment Forum is centered on business, investments, trade, economic exchange and cooperation. The event will be used to portray Africa and sell the Africa brand to the rest of the world.

Priority segments
At the Economic and investment forum, presentations on opportunities in top sectors will be given by senior officials in the respective Ministries and Departments.

A presentation on automobiles and capital goods will be given by the Department of Heavy Industries; pharmaceutical and medical equipment by the Department of Pharmaceuticals; electronics, IT and textiles by Ministry of Trade.

Products that top Nigeria’s Agricultural Exports in First Quarter of 2021

 

Nigeria’s agricultural export stood at N127.2 billion in the first three months (January – March) of 2021. This represents a 128% increase compared to N55.8 billion recorded in the previous quarter (Q4 2020).

Sesame seeds, fermented cocoa beans, and cashew nuts led the list of top agro-food exports in Q1 2021, jointly accounting for 66.5% of the total agricultural exports.

This is according to the foreign trade report for Q1 2021, released by the National Bureau of Statistics.

§      In contrast to the N127.1 billion recorded in the corresponding period of 2020, this represents a 0.07% increase and the highest on our tracker, since Q1 2016.

§       However, as agricultural export increased in the review period, importation of agricultural items also surged by 140.5% year-on-year, and an 18.4% increase quarter-on-quarter.

§       Although crude oil still accounts for the larger part of Nigeria’s export earnings with 66.38%, agriculture still remains the base of Nigeria’s economy, providing the main source of livelihood for most Nigerians.

§        The sector remains the largest sector of the Nigerian economy and employs about two-thirds of the entire labor force in the country.

However, expected growth has been significantly impeded by production hurdles despite government interventions in the sector. According to the Food and Agricultural Organization of the United Nations, over the past 20 years, value-added per capita in agriculture has risen by less than 1% annually.

It is also estimated that Nigeria has lost about $10 billion in annual export opportunities from groundnut, palm oil, cocoa, and cotton alone as a result of the decline in the production of these commodities.

It is worth noting that Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

Top Agro export in Q1 2021

•          Sesamum seeds – N41.94 billion

Top on the list is Sesamum seeds with an estimated export value of N41.94 billion in Q1 2021. Sesame seed comes from a flowering plant mostly grown in Northern Nigeria due to the drought-resistant nature of the seed.

It has many uses, but perhaps, its most important use is as a source of sesame oil which is the most demanded vegetable oil in the world because of its zero cholesterol content.

Nigeria has been one of the highest sesame seed-producing countries over the years, making the seed an important component of the country’s agricultural export. Recall that Nigeria exported sesame seeds valued at N98.27 billion in 2020.

 

• Cocoa beans – N35.49 billion

Cocoa stands second on the list with an export value of N35.49 billion. It is worth noting that this estimate includes good fermented Nigerian cocoa beans and superior quality raw cocoa beans.

Cocoa is a small perennial tree crop that primarily comes from the three tropical regions in the world; Southeast Asia, Latin America, and West Africa. Cote d’Ivoire is the single largest producer of cocoa beans, accounting for approximately 31% of the world’s supply.

•           Cashew nuts – N13.71 billion

Nigeria exported cashew nuts (both in-shell and shelled) valued at N13.71 billion in Q1 2021. Cashew is a tree crop that has been cultivated for food and medicine for many years.

The various parts of the cashew fruits are of economic value, which includes apple, nut, and kernel. The primary product of cashew nuts is the kernel, which is the edible portion of the nut. Kernels are used for various end products, which include chocolates, ice creams, cakes, sweets and even for medicinal purposes.

 

• Coconuts – N8.66 billion

Coconut export in the review period stood at N8.66 billion, representing the fourth-highest agro-export. Coconut is a cash crop that is grown in 22 of Nigeria’s 36 states and its production is limited to the south-western part of the country, with Lagos State having the largest production area.

Coconut serves as a raw material for numerous industries, such as pharmaceuticals, cosmetics and food, and beverage, with limitless domestic and export potential; coconut consumption, however, has continued to rise with the growing population, especially dry coconut which is consumed in the northern part of the country.

• Ginger – N5.57 billion

Ginger stands fifth on the list with an export value of N5.57 for the review period. According to FAO and quoted by the Nigerian Export Promotion Council (NEPC), Nigeria accounts for 40% of the global ginger production, producing almost 523,000 metric tonnes annually.

Others

•   Sesame oil – N3.42 billion
•   Palm nuts and kernels – N2.75 billion
•   Shea cake – N1.79 billion
•   Soya bean – N1.72 billion
•   Frozen shrimps and prawns – N1.29 billion

Summary

Despite agriculture being the major primary occupation of most Nigerians, the country is yet to solidify its position in the world in terms of food production both for local consumption and export. Nigeria still spends more on the importation of agricultural items compared to our export value.