Nigeria’s agricultural sector experienced substantial growth in 2024, with its total value reaching N4.44 trillion up from N1.24 trillion in 2023.
This marks a 256.9% increase from 2023, while it maintains its position as the third highest export category.
The Agricultural sector accounted for 5.73% of Nigeria’s total exports valued at N77 trillion, coming behind crude oil and other oil products which accounted for 71.39% and 16.87% respectively.
Meanwhile, according to the latest data from the National Bureau of Statistics (NBS), the agricultural sector in Q4 2024 had an export value of N1,540.46 billion representing a 232.02% rise from N463.97 billion in Q4 2023 and a 72.95% increase from N890.72 billion in Q3 2024.
Exports in the sector fluctuated throughout 2024 but ended on a strong note. It recorded a total of N1.03 trillion in exports in Q1; dipped slightly to N973.69 billion in Q2, and further declined to N890.72 billion in Q3 before surging to N1.54 trillion in Q4.
The year-end boost in agriculture exports was largely driven by products such as cocoa beans, shelled cashew nuts and sesamum seeds, among other agricultural products which dominated Nigeria’s trade in the last quarter of 2024.
Here are the top ten agricultural exports from Nigeria for Q4 2024, accounting for 96.57% of the total agricultural exports in descending order:
10. Cashew nuts in shell
- Export value: N5.9 billion
Nigeria is among the top producers of raw cashew nuts in Africa, with major cultivation in states like Kogi, Oyo, and Enugu. The nuts are primarily exported to countries such as Vietnam and India for processing, as local processing capacity remains limited.
9. Flours and meals of soya beans
- Export value: N12.326 billion
Flours and meals of soya beans are widely used in food processing, animal feed production, and industrial applications.
8. Other cut flowers & flower buds of kind suitable for ornamental purposes fresh, dried, dyed
- Export value: N14 billion
Experts say with improved investment in greenhouse farming and better market access, Nigeria’s flower industry has the potential to contribute significantly to non-oil exports.
7. Other Frozen shrimps and prawns
- Export value: N23.5 billion
Nigeria’s shrimp and prawn industry benefits from its extensive coastal waters and rich marine resources, particularly in states like Lagos, Delta, and Rivers.
6. Crude Shea (karite) oil
- Export value: N24.2 billion
Crude Shea oil is primarily derived from shea nuts and widely used in the cosmetics, pharmaceutical, and food industries.
5. Cashew nuts Shelled
- Export value: N30.7 billion
According to the NBS, the major destination countries for Nigeria’s cashew shelled nuts are Vietnam, Malaysia, Netherlands, France, and Belgium.
4. Natural cocoa butter
- Export valued: N104.59 billion
The major destinations of Nigeria’s Natural cocoa butter, which are used in the chocolate, cosmetics, and pharmaceutical industries, are: Germany, Netherlands, Singapore, Estonia, and France.
3. Sesamum seeds’
- Export value: N202.94 billion,
- Major destination countries: China, Japan, Turkey, India, and Greece
2. Standard quality Cocoa beans
- Export value: N269.34 billion
Major destination countries: Netherlands, Belgium, Malaysia, Italy, and Indonesia
1. Superior quality cocoa beans
- Export value: N836.23 billion
Major country destinations: The Netherlands, Malaysia. Belgium, United States, Indonesia.
