The President of the National Cotton Association of Nigeria, NACOTAN, Anibe Achimugu said the Nigeria texting sector is currently resuscitating as the value of exported cotton lint reached $64 million as of November 2022.
 
He stated this yesterday at the 1st Nigeria International Cotton Summit and Expo 2023 in Abuja organised by the association in collaboration with the Federal Ministry of Industry, Trade and Investment with the theme “Revamping the Cotton Value Chain.”
 
“The interventions of the CBN in the cotton and textile value chain are the reason why we are here today. These interventions have made it possible for us to increase production from 80,000 metric tons to 133,000 metric tons and also increase the number of factories in operation from seven to twenty-three.
 
More details at:
https://dailytrust.com/nigeria-exported-cotton-lint-worth-29-9bn-in-2022-nacotan
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A total of $1.7 billion was used to import durum wheat, in the first nine months of 2022, into the country, making it the country’s highest imported food item. Wheat is the third most imported item in the country after petrol and gas oil.
 
The amount spent on the importation of wheat in the first three quarters of 2022 was 16.1 per cent lower than what was spent in the same period of 2021.
 
More details at:
https://leadership.ng/wheat-import-costs-nigeria-n753-bn-in-9-months-drops-by-16  

According to the National Bureau of Statistics (NBS), the agricultural sector in the first quarter of 2022 grew by 3.16 per cent (year-on-year) in real terms, an increase of 0.88 percentage points from the corresponding period of 2021, and a decrease of 0.42 percentage points from the preceding quarter, which recorded a growth rate of 3.58 per cent.
 
It grew on a quarter-on-quarter basis at 28.90 per cent. The sector grew by 13.83 per cent year-on-year in real terms for the second quarter of 2022, a decrease of 1.96 percentage points from the preceding quarter which recorded a growth rate of 3.16 per cent and a decrease of 0.10 percentage points from the corresponding period of 2021.
 
More details at:
https://www.thisdaylive.com/index.php/2023/01/03/nigerias-agricultural-sector-surged-by-18-33-in-three-quarters-of-2022
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The production of 50kg fertilizer under the Presidential Fertiliser Initiative of the Federal Government has reached 60m bags, the Vice President, Prof. Yemi Osinbajo, announced on Monday.
 
Osinbajo, who spoke in Abuja at the opening session of the two-day Feed Nigeria Summit, said the Federal Government decided to deepen its investments in Nigeria’s agricultural sector through the inauguration of the PFI in 2016.
 
This, he said, was a partnership between the Federal Government, the African Development Bank Group, the Islamic Development Bank and the International Fund for Agricultural Development.
 
More details at:
https://punchng.com/nigeria-produces-60-million-bags-of-50kg-fertilizer-osinbajo
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The Federal Government, through the Nigeria Agricultural Quarantine Service, on Thursday said it had signed an agreement with its Mexican counterpart to increase the export of hibiscus from Nigeria to Mexico.
 
It said the deal would provide an annual revenue of $3bn to Nigeria.
 
On the deal with Mexico, he said, “Last month, on November 4, to be precise, NAQS and its Mexican counterpart body, SENASICA, signed a phytosanitary protocol to stabilise and grow the export of Nigerian hibiscus flowers (zobo) to Mexico.
 
“The framework is designed to future-proof bilateral trade in hibiscus between Nigeria and the largest importer of Nigerian hibiscus against avoidable disruptions. With the signing of the hibiscus work plan, Nigeria will earn $3bn annually from exporting hibiscus to Mexico.”
 
More details at:
https://punchng.com/nigeria-mexico-sign-3bn-plant-export-deal
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The value of agricultural imports in Nigeria has increased to $1.2bn, the National Bureau of Statistics (NBS) has disclosed.
 
The NBS in a report released yesterday stated that the figure was an increase of 10.44 per cent when compared to the value recorded in the second quarter of 2022 ($1bn) and an increase of 6.37 per cent when compared to the value recorded in the corresponding quarter of 2021 ($1.1bn).
 
More details at:
https://dailytrust.com/nigeria-imports-n512bn-of-agricultural-produce-as-foreign-trade-drops-in-q3-2022
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PowerChina and Swiber Africa have set up an agro-industrial park in Abia State to drive industrialisation and boost foreign exchange earnings. The project, estimated at over $500m, is targeting to create 20,000 jobs directly and hundreds of jobs indirectly.
 
The project will crisscross communities in Bende Local Government Area, which include Ugwuoke, Alayi, Abiriba, Ozu Item and Ohafia. “The project entails building an agriculture industrial zone, which includes crop planting and processing plants for rice, cassava, cashew nut and related products. The integral part is that everything is for export.”
 
More details at:
https://punchng.com/investors-set-up-500m-agro-industrial-park-in-abia

Despite the scarcity of fertilisers in the country, eight vessels have departed Nigeria with 243,217 tonnes of bulk urea valued at $231.9 million to Brazil, Mexico, Argentina and other destinations. Dangote, Notore and Indorama firms are the leading producers of the commodity in the country. It was gathered that the country is now self-sufficient in the production of urea and the leading producer of the fertiliser brand in Africa as it produces six million metric tonnes of urea with over 70 blending plants.
 
Data by the National Bureau of Statistics (NBS) revealed that the country’s export of urea increased from $38.6 million in first quarter, 2021 to $480 million or 92 percent urea in the first quarter of 2022. It noted that the country also exported $145.4 million worth of urea to Brazil in 2021. Currently, Nigeria has been ranked by the United Nations Food and Agriculture Organisation (FAO) as the 12th largest urea fertiliser producer globally at a production capacity of 1.62 million tonnes and the 16th largest exporter with a volume of 722,479 tonnes...
 
More details at:
https://www.newtelegraphng.com/nigeria-exports-n100-7bn-fertilizer-to-brazil-others  

Nigeria exported agricultural goods worth $787 million in the first half of the year, an increase of 17.3% from $671 million recorded in the corresponding period of 2021. It is, however, a rise of 61.9% compared to $486 million recorded in the second half of 2021. This is according to a breakdown in the foreign trade report released by the National Bureau of Statistics (NBS).
 
On the other hand, Nigeria imported agricultural goods worth $2.1 billion in H1 2022. This represents an increase of 11% compared to the $1.9 billion recorded in the corresponding period of 2021, while it declined by 21% from $2.6 billion recorded in the second half of 2021.
 
More details at:
https://nairametrics.com/2022/09/22/nigerias-top-agricultural-exports-in-h1-2022
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Nigeria’s annual earnings from the production and sale of cashew increased to about $450m, the African Cashew Alliance and the Federal Government stated on Monday.
 
Also, the Federal Government announced plans to develop 22,910 metric tonnes of cashew processing plants, with the target of creating one million jobs through the value chain.
 
The President, Board of Directors, African Cashew Alliance, Babatola Faseru, said Nigeria had been able to raise its earnings from cashew to $450m annually but stressed that the target was to increase this to $4bn.
 
More details at:
https://punchng.com/nigerias-cashew-earnings-hit-n192bn-producers-target-4bn