Nigeria earns N14bn forex from Cocoa, Sesame Seeds, Cashew Nuts, Finished Goods

By LAZ IBEABUCHI

Four non-oil export commodities, Cocoa, Sesame seeds, Cashew nuts and Finished Goods have accounted for N13.94 billion ($89.44 million) inflow of foreign exchange into the domestic economy in 2nd half year 2011.

In a report of value of goods exported for the period of July to December, 2011 by Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture, NACCIMA, commodity performance during the period under review showed export values as followed: Cocoa recorded N6.84 billion ($43.67 million); Sesame Seeds transacted N1.693 billion ($10.86 million); Finished Goods gulped N4.96 billion ($31.79 million); while Cashew Nut traded N486.31 million ($3.12 million).

The data presented was facilitated by NACCIMA through the issuance of Certificate of Origin (C of O) to genuine exporters of non-oil products in the country.

NACCIMA said it believed that some of the export products may have either recorded increase or decrease, which is mainly attributed to increase in global demand/ favourable season or global externalities arising from low demand/ off season, which impacted negatively on capacity of industries optimally produce for export markets.

Given the continued desire by the Federal Government in its reform agenda to boost non-oil export sector in the country, NACCIMA said it still believe that necessary and appropriate incentives, including infrastructural support would be required to effectively transform the real sector of the economy, most especially Agriculture and Manufacturing towards achieving Nigeria’s Transformation and Vision 20:2020 aspirations.

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