Nigeria recorded an increase in the region of N14.65 billion from exportation of sesame seed in the Q1, 2021. This represents a growth of 40.94% when compared with the previous quarter. This was deduced from the National Bureau of Statistics (NBS) latest report on trade and made available to MSMEsToday.
According to the report, sesames seeds maintained its leading position among other exported agricultural exported products in Q1, 2021, accounting for 32.97% or N41.94 billion of the total agricultural products exported to selected countries during the period under review. It is also responsible for 5.54% of the total traded agricultural products which was valued at N757.4 billion (Export and Import value).
MSMEsToday gathered from NBS report that the increase of N14.65 billion realized from the exportation of Sesames seeds between the period of Q4, 2020 and Q1, 2021 is about N2.95 billion higher than the increases of N11.7 billion realized between the period of Q3 and Q4, 2020. Experts believe that by Q1, 2025 a total increase of N29.4 billion will be realized from exportation of sesames seed. This implies that the value of sesames seeds by Q1, 2025 is expected to reach N71.34 billion compared to N41.94 billion and N27.29 billion realized in Q1, 2021 and Q4, 2020 respectively. The increase recorded in the value of sesames seeds export, was attributed to improvement in the national economy despite the Covid-19 pandemic and insecurity in the country among other factors.
Further analysis reveals that, the country’s earnings from sesames seeds in Q1, 2021 came mainly from five destinations, namely, China, Japan, Turkey, Vietnam, Soc Republic and South Korea. China alone was responsible for 55.08% of the total value of sesames seeds exported in Q1, 2021. The country realized N23.1 billion from China, which is Higher by N5.0 billion when compared with N18.1 billion realized in Q4, 2020.
Similarly, the value realized from Japan in Q1, 2021 is more than double during the period under review. A total of N8.3 billion was realized from the exportation of sesames seeds to Japan in Q1, 2021. This represents an increase of 107.5% when compared with N4.0 billion realized in Q4, 2020. Turkey occupied the third place with N3.0 billion realized from exported sesames seeds in Q1, 2021 representing an increase of 49.25% when compared with N2.01 realized in the previous quarter. Vietnam Soc Republic and South Korea were responsible for N2.5 billion and N1.2 billion respectively of the total value of sesames seeds earnings during the period under review. In summary, earning from sesames seeds increase in all destinations during the period under consideration.
Findings show that sesame seeds are abundant in multiple local large markets mostly located in Northern Nigeria. The mere fact that it is rarely consumed or used in Nigeria, makes the sesames seeds export from the country potential large since the world’s demand for sesames seeds keeps growing at a rate of over 4% yearly. This implies that over 95% of the all-sesames seeds produced in the country are exported as either hulled or un-hulled sesame seeds.
With abundant local availability of Sesame seeds in Nigeria and a great global demand for sesame seeds from buyers in Japan, China, Turkey, India, Vietnam, Netherlands, Germany, Greece, France, Poland, and much more places around the world, venturing in the sesame seeds export business by prospective and current sesames Seeds exporters in Nigeria can be a great way to venture into export business in Nigeria.
