In the third quarter of 2022, Nigeria exported agricultural products worth N84.21 billion.

This reflects a 6% gain over the N79.41 billion recorded in the same time of 2021, but a 40.6% fall over the N141.77 billion recorded in Q2 2022.

Between January and September 2022, agro exports totaled N427.6 billion, compared to N504.9 billion for the entire year of 2021.

On the other hand, Nigeria imported agricultural goods worth N512.91 billion in the third quarter of 2022, up 6.4% from the same quarter a year earlier and 10.4% from the N464.4 billion total (Q3 2021: N482.21 billion).
Nigeria is renowned for producing a lot of agricultural goods, but it has experienced substantial economic and socio-economic problems, making it difficult for it to feed its population of over 200 million people. Due to increasing imports as a result, the agricultural trade balance was over N400 billion in the third quarter of 2022.

This indicates that for each dollar repatriated and sold at the I&E window, importers and exporters receive N65. Additionally, they receive N35 for each dollar repatriated, which they can use on approved transactions. The CBN claims that this approach is already producing the desired outcomes.
Given this, the following are Nigeria’s top agricultural exports to other nations in Q3 2022:

Cocoa

Nigeria exported cocoa worth N30.76 billion in the third quarter of the year, accounting for 36.5% of all agricultural exports during that time. A further breakdown revealed that exports of high-quality cocoa beans totaled N24.58 billion throughout the studied period.

Additionally, N5.72 billion was made from the export of cocoa of the highest quality, while N450.56 million was made from the export of cocoa beans of lesser quality.

The three tropical regions of the world—Southeast Asia, Latin America, and West Africa—produce the majority of the world’s small perennial tree crop known as cocoa. Most of the world’s supply of cocoa beans, or about 31%, is produced in Cote d’Ivoire.

The fruit is an egg-shaped reddish-brown pod with 30–40 seeds that are individually encased in a bitter–sweet white pulp. The primary component of chocolate, cocoa beans, are the dried and fermented seeds that turn brownish red.

Sesame Seeds

Sesamum seed exports in Q3 2022 brought in N19.79 billion for Nigerians, or 23.5% of the country’s total agricultural exports. Sesame or sesame seeds are other names for sesamum seed.

Over the years, Nigeria has been one of the top producers of sesame seeds, making the seed a significant part of the nation’s agricultural export.

Because sesame seeds are drought-resistant, they are produced by blooming plants that are primarily grown in Northern Nigeria. There are various uses for it, but sesame oil, the most sought-after vegetable oil in the world due to its lack of cholesterol, may be its most significant usage.

Cashew Nuts

In Q3 2022, cashew nut exports totaled N10.43 billion, or 12.3% of all agricultural exports for the reporting period.

For many years, people have grown cashews as a food and medicine crop. The apple, nut, and kernel are only a few of the valuable components of cashew fruits. The kernel, the part of the nut that is edible, is the main byproduct of cashew nuts.

For instance, cashew kernels are used to make ice cream, chocolate, cakes, and sweets in confectionery and pastry goods. Additionally, the liquid from cashew nuts is utilized to create medications that are used to treat a variety of ailments.

Additional analysis revealed that cashew nuts are exported in two different states: in shell and shelled. In particular, N7.2 billion was made from the export of cashew nuts still in their shells, whereas N3.23 billion was made from the export of shelled cashew nuts.