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Insecurity and high demand by flour and feed industries have hindered Nigeria from realising N640 billion ($1.28 billion) from the 1.25 million tonnes of soybean oilseed produced locally between the 2020/21 season.
Soybean oil is currently rated as the second most consumed vegetable oil in the world after palm oil. It was gathered that the high demand for the product has reached 80 million tonnes across the world, while global price has gone up by 30 per cent from $875 to $1,025 per tonne within one year… More details through: https://www.newtelegraphng.com/soybean-high-demand-hampers-n640bn-oilseed-export/
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Nigeria imports at least 70 percent of dairy products the country consumes annually, spending a huge amount of money, the Regional Manager of Olam Nigeria Limited, Mr Manish Khede, has said.
He made the assertion in his address at the official launch of the artificial insemination programme for 100 cows at Yar Kanya village in Dawakin Tofa local government of Kano State. He said the margin between the total dairy requirement of Nigeria and the total quantity produced locally is huge, adding that there is a need for stakeholders to scale up dairy production in the country… More details through: https://dailytrust.com/nigeria-imports-70-annual-dairy-requirement The Permanent Secretary, Ministry of Agriculture and Rural Development, Dr. Earnest Umakhihe, has disclosed that Nigeria earned N63.18b from cocoa which he said made the commodity the highest foreign exchange earner in the second quarter of 2021 for the country.
According to Umakhihe, the development was due to the focus and determination of the Federal Government to diversify the economy through agriculture. The Permanent Secretary stated this during a Stakeholders Forum on Cocoa Value Chain Development in Nigeria, which was held at the Federal College of Agriculture, Akure, the Ondo State capital on Wednesday, with major players in the sector as participants… More details through: https://www.newtelegraphng.com/cocoa-ranks-as-nigerias-highest-foreign-exchange-earner-in-2021-q2/ In the first six months of the year, the total value of trade in agricultural goods stood at $3.7bn (N1.5tn), data from the National Bureau of Statistics have shown.
Imports accounted for $3.2bn (N1.3tn) of total trade in the sector while exports stood at N292.5bn within the review period. This resulted in a trade deficit of N1.07tn in the agriculture sector. Top imported agricultural products during the period under review included Durum wheat, mackerel, Herrings, edible mixtures, crude palm oil and malt, imported from countries such as Canada, Lithuania, Denmark, Russia, Netherlands and France… More details through: https://punchng.com/agric-imports-hit-n1-3trn-in-six-months-nbs/ Africa Reinsurance Corporation (Africa Re) and the International Finance Corporation (IFC), a member of the World Bank Group, have sealed an agreement to develop agriculture insurance market space in Nigeria.
Under the agreement, Africa Re, a pan-African reinsurance organisation, and IFC’s Global Index Insurance Facility will help Nigerian insurance companies develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products will help protect farmers against environmental risks such as drought, floods, erratic rainfall and other natural hazards… More details through: https://guardian.ng/business-services/africa-re-ifc-partner-on-agric-insurance/ Nigeria’s agritech startup, Releaf, which develops proprietary hardware and software solutions to industrialise food processing, has raised $2.7 million seed funding and grants.
The round was led by Samurai Incubate Africa, Future Africa and Consonance Investment Managers with participation from Stephen Pagliuca, Chairman of Bain Capital and Justin Kan (Twitch). Releaf also secured $1.5 million in grants from The Challenge Fund for Youth Employment (CFYE) and USAID. The seed funding will enable the startup to develop industrial food processing technology in Nigeria’s smallholder-driven oil palm sector, while the grant will enable Releaf to provide working capital and other value-added services for smallholders and small-scale processors… More details through: https://www.newtelegraphng.com/agritech-startup-secures-4-2m-to-drive-food-processing/ Agricorp International, Nigerian based spices producing, processing and exporting company has raised $17.5 million in Series A funding to increase its processing capacity up to 7000 metric tonnes per annum. This fund was raised from Vami Nigeria, One Capital LLC and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company. Ernst & Young (Nigeria) served as transaction advisers while Elisio Law Office and Pavestone Legal served as legal advisers.
Founded in 2018 by Kenneth Obiajulu and Wale Omotimirin, Agricorp is contributing to meeting the growing demand of spices as an export material… More details through: https://www.sunnewsonline.com/agricorp-international-raises-17-5m-to-become-africas-largest-spices-export-startup-2/ Nigeria is currently raking in about $300 million annually from cashew nut as revenue in her 14th globally ranked position as against $3 billion made annually by Vietnam from the product, cashew stakeholders have revealed. Besides, the country’s production capacity oscillates between 260,000 and 270,000 tonnes, coming behind Côte d’Ivoire’s cashew production capacity, which is in excess of 625,000 tonnes. However, amid the gap, cashew stakeholders are brainstorming on path Nigeria can cleavage to achieve her quest of diversifying the economy from oil to non-oil sector. At a virtual event session on cashew organised by Afex Commodities Exchange Limited, entitled, “unlocking Nigeria’s cashew nut potential,” New Telegraph gathered from the session various hindrances, bottlenecks inhibiting Nigeria from reaping maximally from cashew nut like other nations…
More details through: https://www.newtelegraphng.com/nigeria-rakes-in-300m-yearly-from-cashew-nuts/ The Nigerian Institute of Animal Science (NIAS) says Nigeria is the largest egg producer in Africa, with annual production of 650 tonnes. It also said Nigeria’s poultry population of 180 million birds is the second largest in Africa.
Prof. Eustace Iyayi, the Registrar of the institute, disclosed this on Tuesday in Abuja at a news conference held in preparation for the joint annual meeting of NIAS and Animal Science Association of Nigeria (ASAN)… More details through: https://www.sunnewsonline.com/nigeria-now-largest-egg-producer-in-africa-institute/ Nigeria has imported a total of N34.7 billion ($69.39 million) Mackerel fish from Japan between 2019 and June 2021 despite tight import restriction by the Federal Government. Frozen Mackerel exports were fairly steady in the first half of the year as Nigerian importers abandoned Norway and shifted to Japan’s Mackerel species, which is far cheaper.
The H1’21 export value of JPY 1.5 billion ($13 million, €11 million) was 13 per cent higher than the corresponding period in 2020 and up just one per cent from that of 2019. Data obtained from International Trade Statistics (ITS) indicated that Japan had overtaken Norway by 73.87 per cent since 2018 on fish export to Nigeria. The data revealed that Japan’s fish exports to Nigeria rose from $1.04 million or 2.14 per cent in 2016 to $48.62 million (97.8 per cent) in 2018. Its export to Nigeria in 2017 was $28.57 million. It was gathered that Pacific Mackerel from Japan, which was $850 per tonne, is 43 per cent cheaper than the prices of Norwegian Mackerel specie sold at $1,500 per tonne… More details through: https://www.newtelegraphng.com/nigeria-imports-n34-7bn-frozen-fish-from-japan/ |
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