The dollar is making many people and businesses in Nigeria think about Davido's popular song "Unavailable."
There is generally agreement that now is the ideal time to take advantage of the potential of the agricultural sector in order to generate employment, achieve food security, and earn much-needed funds as Africa's largest economy struggles with the present economic slowdown.
Cashew nuts
The market for cashews, a significant nut, is rapidly expanding in Nigeria as exporters ship a greater proportion of their harvest to Asia, Europe, and the United States.
Nigeria is one of the world's top producers and suppliers of cashews and a natural habitat for the nut. The Nigerian Export Promotion Council (NEPC) ranks the nation as the fourth-largest producer of cashew nuts in Africa and sixth overall, with an annual production of 240,000MT.
Farmers have the chance to start new plantations while growing existing ones since cashew trees can adapt to tough climatic conditions and inferior soils.
Sesame seeds
According to data from the National Bureau of Statistics, Nigeria exported 67.66 billion Naira worth of sesame seeds in the first quarter of 2023, making up 24.20 percent of all agricultural exports during that time.
Sesame seed is widely used in baking, medicine, cosmetics, and animal feeds and has a number of positive effects on both human health and the economy. Additionally, it contains a lot of oil—between 44% and 60%.
Given its many health advantages and the rising popularity of organic foods, the commodity's sustained demand growth is advantageous for Nigeria.
Pharmaceutical companies as well as businesses that make soap, shampoo, lubricant, paint, cosmetics, and vegetable oil continue to place a high value on it abroad. Sesame oil is used to make the well-known body lotion Neutrogena for ladies.
Shea butter
Shea butter is becoming a more luxurious element for cosmetics, medications, and soap in addition to being used in foods like chocolate, ice cream, and margarine.
It is a commodity that can be found in the majority of households all over the world, either in the form of raw butter or in cosmetic goods because women rely significantly on it due to its emollient properties, which help treat skin issues like wrinkles and dryness, among others.
According to the Nigeria Institute for Oil Palm Research (NIFOR), shea butter is grown in the wild in 20 of Africa's 36 states, with Niger, Kwara, and Oyo having the biggest production areas.
The NEPC estimates that the market for shea butter is worth $10 billion and anticipates that it will reach $30 billion by 2020.
According to the Food and Agricultural Organization's 2019 statistics, Nigeria produces 302, 955 MT of shea butter annually, making it the highest producer in the world.
Production/Processing Of Ginger
One of the most popular food seasonings in contemporary diets is ginger, and as the world's population grows, so does demand for the crop.
It is primarily cultivated in the states of Kaduna, Nasarawa, Benue, Niger, Gombe, and Kano. It is a by-product of many food and beverage businesses and is utilized in most Asian nations to make ginger wine and food flavoring.
Cakes, cookies, bread, crackers, ginger ale, and beer are just a few recipes that contain ginger flavoring that has been powdered.
Its root is utilized as a raw ingredient in the production of beverages, health products, and goods for the bread sector.
Additionally, there are prospects for investors who want to put money into seeds and the development of icheap devices for splitting obtained ginger rhizomes.
Cocoa Processing And Production
Prior to the oil boom, cocoa was a significant source of income and foreign cash for Nigeria, creating millions of jobs for the populace, particularly in the southwest.
Currently, Indonesia, Ghana, and the Ivory Coast produce more cocoa than the nation.
This can be explained by the fact that Nigeria slowed down the crop's cultivation. Despite this, Nigeria's biggest non-oil export continues to be cocoa, the nation's signature crop.
Additionally, there are prospects for investors who wish to fund the provision of simply constructed machinery for splitting the gathered ginger rhizomes as well as seeds and seedlings.