by admin | Feb 4, 2025 | Exportation in Nigeria, News and Update |
NEWS FLASH: CBN Approves CFA Franc for Repatriation of Export Proceed
Abuja, Nigeria – In a significant policy shift, the Central Bank of Nigeria (CBN) has officially approved the inclusion of the CFA franc on the Nigeria Export Proceeds (NXP) form, allowing exporters to repatriate earnings in the widely used West African currency.
The announcement was made by Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), during a media briefing in Abuja on Nigeria’s non-oil export performance for 2024. She described the move as a “remarkable breakthrough” for the export sector, particularly in facilitating cross-border trade.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds,” Ayeni stated.
The NEPC, in collaboration with the CBN and financial institutions, will oversee the full implementation of this policy to streamline currency exchange processes for exporters.
Boosting Nigeria’s Non-Oil Export Sector
Beyond the currency approval, Ayeni highlighted key NEPC initiatives aimed at strengthening Nigeria’s non-oil exports. The council has distributed hybrid seedlings and farm inputs to over 1,200 farmers nationwide, enhancing the production of sesame, hibiscus, and cashew in various regions.
Additionally, under the “Go Global, Go for Certification” campaign, the NEPC has facilitated international certification for 400 small and medium-sized enterprises (SMEs), with the total number of beneficiaries projected to reach 855 SMEs by 2025.
The council is also formalizing informal border trade, a strategic move expected to increase foreign exchange earnings and improve Nigeria’s export data accuracy.
This landmark decision by the CBN signals a progressive step for Nigerian exporters, reinforcing the nation’s commitment to a robust, globally competitive non-oil export sector.
by admin | Nov 12, 2023 | Exportation in Nigeria, News and Update |
Greetings fellow agriculture enthusiasts! 🌾 Today, we embark on an exciting journey through the verdant fields of Nigeria’s agriculture, discovering the rich tapestry woven by the hardworking farmers and the challenges they bravely face.
Diving into the Numbers
Did you know that from January to March 2021, agriculture flexed its muscles, contributing a whopping 22.35% to Nigeria’s Gross Domestic Product? That’s not just a statistic; it’s a testament to the resilience of over 70% of Nigerians who roll up their sleeves and engage in agriculture at a subsistence level.
Challenges on the Horizon
Yet, the path to prosperity is not without hurdles. Picture this: poor land tenure systems, climate change casting its shadow, and the haunting specters of low technology and high production costs. These challenges are like dragons waiting to be tamed. And we can’t forget the unsung heroes – farmers – grappling with limited financing, post-harvest losses, and the tricky maze of poor market access.
Government’s Battle Plan
Fear not, for the government has unfurled its banner with initiatives like the Agriculture Promotion Policy, the Nigeria–Africa Trade and Investment Promotion Programme, and more! These aren’t just fancy words; they’re battle cries against declining food sufficiency and rising imports.
Crops Stealing the Spotlight
Nigeria’s agriculture canvas spans 70.8 million hectares, showcasing stars like maize, cassava, guinea corn, yam beans, millet, and rice. Rice, for instance, saw its production soar from 3.7 million metric tons in 2017 to 4.0 million metric tons in 2018. However, we’re still importing about 3 million metric tons. Time to change that – and we did, with a rice importation ban in 2019!
Cassava – Nigeria’s Crown Jewel
Cassava takes the spotlight as the world’s largest producer, with a whopping 59 million tons in 2017. Economic potential? Enormous! With improved varieties and techniques, brace yourselves for even more cassava goodness.
Unlocking the Potential of Livestock
Livestock, particularly small ruminants and poultry, steal the show. Goats, sheep, cattle, and poultry – they’re the unsung heroes of Nigeria’s farms. Despite interventions, we’re still dancing to the tune of domestic demand, especially in the northern regions famous for livestock.
A Fishing Tale
Nigeria, the big fish in Africa’s pond, consumes 3.2 million metric tons of fish annually. With an expansive coastline and inland waters, aquaculture’s potential is swimmingly high, providing both livelihoods and vital protein sources.
Forests: A Silent Symphony
Let’s not forget the symphony of Nigeria’s forests, threatened by deforestation. Agricultural expansion, reliance on firewood, and urbanization play their parts. It’s time for a harmonious balance.
The Call to Action
As Nigeria’s population gears up to hit 400 million by 2050, the call for enhanced agriculture productivity echoes louder. New technologies, innovations, and unwavering support from all partners are the keys to ensuring food security and nutrition.
So, join us as we unravel the layers of Nigeria’s agriculture – a tale of challenges, triumphs, and the promise of a greener, more abundant future! 🌱 #NigeriaAgriculture #GreenRevolution #SustainableFarming
by admin | Nov 9, 2023 | Agricultural Exports, Exportation in Nigeria |
Introduction: Agriculture in Africa
Africa’s agricultural sector has long been a vital part of the continent’s economy. With its vast resources and favorable climate, Africa holds great potential for agricultural development. The agricultural industry in Africa plays a crucial role in poverty reduction, job creation, and food security. Moreover, it serves as a significant contributor to the continent’s overall economic growth.
Nigeria’s Exclusive Marketing Strategies for Agricultural Exports
Nigeria, one of Africa’s leading agricultural producers, has implemented various marketing strategies to promote its agricultural exports. These strategies aim to increase market access, improve competitive advantage, and ensure sustainable growth of the agriculture sector. Nigeria’s exclusive marketing plans involve targeted advertising campaigns, trade exhibitions, bilateral agreements with importing countries, and leveraging e-commerce platforms for international trade.
Traditional and Modern Agricultural Practices in Africa
Agricultural practices in Africa have evolved throughout history, blending traditional wisdom with modern techniques. Traditional practices, such as subsistence farming and livestock herding, remain prevalent in rural areas. However, the advent of modern technologies and innovative farming methods has brought substantial changes to the sector. Mechanized farming, smart irrigation systems, precision agriculture, and organic farming are gaining momentum, allowing farmers in Africa to boost productivity and maximize yields.
The Agriculture Industry in Africa
The agriculture industry in Africa encompasses a wide range of activities, including production, processing, packaging, and distribution of agricultural products. It offers diverse opportunities for agribusinesses and investors interested in tapping into Africa’s agricultural potential. With a plethora of crops and livestock species, the agriculture industry in Africa caters to both domestic and international markets, contributing significantly to the continent’s export revenue.
Exploring Agricultural Business Opportunities in Africa
Africa presents numerous agribusiness opportunities due to its abundant resources, growing market demand, and supportive government policies. Entrepreneurs can capitalize on these opportunities by investing in value-added activities such as food processing, agro-processing industries, livestock farming, and export-oriented agricultural ventures. Moreover, the continent’s favorable investment climate and access to key international markets make it an attractive destination for agricultural business expansion.
Nigeria’s Agricultural Exports and their Impact on the Sector
Nigeria has emerged as a notable player in the global agricultural market through its substantial exports. The country’s agricultural exports, including cocoa, palm oil, rubber, cashew nuts, and sesame seeds, have contributed significantly to the growth of the agriculture sector. These exports not only generate foreign exchange earnings but also create employment opportunities, improve rural livelihoods, and enhance the overall agricultural value chain in Nigeria.
Promoting Sustainable Farming Practices in Africa
Recognizing the importance of sustainability, African countries are increasingly adopting and promoting eco-friendly farming practices. Sustainable farming combines economic viability, environmental stewardship, and social responsibility. Through the implementation of organic farming techniques, efficient water management systems, crop rotation, and soil conservation methods, farmers in Africa can enhance productivity while preserving natural resources for future generations.
Innovations in Nigeria’s Agricultural Sector
Nigeria’s agricultural sector has witnessed remarkable innovations aimed at improving efficiency, productivity, and competitiveness. Technological advancements, such as mobile applications for pest control, weather forecasting tools, market price information systems, and mechanized farming equipment, have revolutionized the way agriculture is practiced in Nigeria. These innovations enable farmers to make informed decisions, optimize resource allocation, and mitigate risks associated with farming activities.
Developing the Agribusiness Opportunities in Nigeria
Nigeria offers vast agribusiness opportunities that are yet to be fully explored and harnessed. The government, in collaboration with private sector stakeholders, is actively working towards creating an enabling environment for agribusiness development. This includes enhancing infrastructure, providing access to credit facilities, streamlining regulations, and facilitating knowledge transfer through capacity-building programs. As a result, the agribusiness sector in Nigeria continues to attract investments and drive economic growth.
Enhancing Agricultural Productivity in Africa
Improving agricultural productivity is crucial for ensuring food security, reducing poverty, and enhancing the overall well-being of African communities. African governments, researchers, and farmers are investing in modernizing farming practices, embracing technologies, and adopting climate-smart agricultural approaches. By promoting sustainable intensification, crop diversification, and precision agriculture, agricultural productivity is set to increase in Africa, leading to a more efficient system that can meet the demands of a growing population.
The Growing Market for Farming in Nigeria**
Nigeria’s farming market is experiencing rapid growth due to increased demand for agricultural products and changing consumer preferences. Urbanization and rising incomes contribute to the upswing in demand for processed foods, fresh produce, and livestock products. As such, there are ample opportunities for farmers, agribusinesses, and investors to tap into this expanding market. Embracing technological advancements, value chain development, and market-driven approaches can ensure sustained growth and profitability within Nigeria’s farming sector.
In conclusion, agriculture in Africa, particularly in Nigeria, holds immense potential for development and economic empowerment. With strategic marketing strategies for agricultural exports, a blend of traditional and modern farming practices, opportunities for agribusiness, and sustained efforts to enhance sustainability and productivity, Africa’s agriculture sector is poised for continued growth and prosperity.
