Agro-commodity exports create multi-billion naira opportunities for investors in Africa’s most populous country who can leverage it, according to a new report.

The report themed ‘The Nigerian Commodities Market: Opportunities for Aspiring Investors’ stated that with improved proceeds from commodity exports, Nigeria will boost its FX revenue amid acute scarcity.

The country’s agric sector has much to offer through the exportation of cash commodities to help create jobs, earn the much-needed dollars and attain food security, the report said.

The report citing data from the National Bureau of Statistics, said the country’s total agric export surged 48 percent in 2023 to N1.24 trillion up from N598.16 billion accrued by the sector in 2022.

It identified cocoa (both superior, standard quality & roasted), sesame seeds, soybeans, cashew and ginger as the top five most exportable commodities. In no particular order, BusinessDay takes a look at the commodities.

Cocoa

Topping the list of the country’s most exported cash crops, cocoa (both superior, standard quality & roasted) accounted for N352.72 billion of the country’s total agric export in 2023.

This commodity has put smiles on farmers’ faces as it hit record high in the global market at more than $10,000 per tonne in March. It has also brought the much-needed dollars into the country and has increased farmers’ earnings in dollar terms.

Nigeria is the third-largest producer of cocoa in Africa, after Ghana and Cote’d’Ivoire, and is the fourth leading grower in the global cocoa industry.