Cocoa leads pack with N114.1bn
BY BAMIDELE FAMOOFO
Total earnings from export of agricultural commodities from Nigeria to its major foreign trading partners stood at N319.46 billion in six months of 2022.
The efforts of Africa’s largest economy to resuscitate the agricultural sector, especially the Cocoa industry would appear to be yielding some positive result as Cocoa emerged the leading export commodity in half year ended June 30, 2022.
Figures made available by the National Bureau of Statistics showed that export of Cocoa products earned the nation N114.1 billion, representing 35.7 percent of total agricultural commodity in a half year.
Export of Sesame Seeds raked in N81.5 billion for the nation. It represents 25.5 percent of total agric export in the review period while Cashew nuts brought in N67.39 billion.
Other top agricultural exports in the period are Desiccated Coconuts, N13.86 billion; Ginger, N12.63 billion; Cocoa Butter, N8.79 billion; Frozen Foods,-N8.11 billion; and Plants, N6.47 billion.
Exporters earned N3.72 billion from Palm Nuts and Kernels while Brazil Nuts, which was the least exported product, attracted N2.89 billion into the economy.
Meanwhile, a review of foreign trade statistics in the second quarter of 2022 showed that the value of total trade in agricultural goods in Q2, 2022 stood at N606.21billion of which exports were valued at N141.77billion in Q2, 2022. Exports in agricultural goods fell by 29.67 percent and 14.32 percent when compared to the value recorded in Q1, 2022 (N201.59billion) and Q2, 2021 (N165.46billion) respectively.
During this quarter, most agricultural products were exported to Asia, valued at N98.62billion, followed by Europe with N33.92billion.
“Cocoa products earned the nation N114.1 billion, representing 35.7 percent of total agricultural commodities in half a year”
Export of agricultural products was dominated by ‘Cashew nuts In shell’ valued at N41.27billion followed by ‘Sesamum seeds, whether or not broken’ with N25.04billion and ‘Superior quality Cocoa beans’ with N22.52 billion.
By direction of trade, ‘Cashew nuts In shell worth N22.21billion and N18.50 billion were exported to Vietnam and India respectively.
Furthermore, ‘Sesamum seeds’ worth N9.53billion and N6.97 billion were exported to Japan and China respectively, followed by exports of ‘Superior quality raw cocoa beans’’ worth N8.30 billion and N6.91billion were exported to The Netherlands and Indonesia respectively.
On the other hand, total imports of agricultural goods imported in Q2, 2022 stood at N464.45billion or 8.55 percent of total imports in Q2, 2022.
This shows an increase of 4.76 percent when compared to the value recorded in Q1, 2022 (N443.36billion) and rose by 13.70 percent compared to the value recorded in Q2, 2021(N408.49billion).
The major agricultural goods imported in Q2, 2022 included ‘Durum wheat (not in seeds)’ from the United States of America with N70.67billion and Lithuania with N60.87 billion. This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen.’ from Russia valued at N13.39billion and from The Netherlands with N7.31 billion and ‘Crude palm oil)’ worth N14.64 billion was imported from Cote d’Ivoire.
The top five export destinations in the second quarter of 2022 were India with a share of 14.85 percent, followed by Spain with 13.98 percent, The Netherlands with 12.35 percent, the United States of America and Indonesia with 8.93 percent and 8.45 percent respectively.
Altogether, the top five countries accounted for a share of 58.55 percent of the total value of exports (N7, 406.53 billion). The commodity with the largest export values in the period under review was recorded in ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,907.97 billion representing 79.77 percent, followed by ‘Natural gas, liquefied’ with N735.60 billion accounting for 9.93 percent, and ‘Urea, whether or not in aqueous solution’ with N308.14 billion or 4.16 percent of total exports.
Also, new data has shown that with roughly 6.6 billion mobile phone users worldwide, or 82 percent of the world’s populations, the mobile app industry will double 2022 revenue to hit $490 billion in 2023.
The data presented by Sportslen.com, noted that in 2023, revenues generated from in-app purchases, app advertising, or paid apps will grow by another $60 billion to almost $490 billion, and iPhone and iPad users will make up 63 percent of that value.
Mobile games will remain the largest revenue stream bringing $307 billion next year, up from $267 billion in 2022.
Social media apps, the second highest-grossing app category, will bring $48.5 billion, $5 billion more than this year. Together, the two app categories will account for 72 percent of combined revenues in 2023.
Statista data also showed that $254 billion, or 51 percent of total app revenues, will come from in-app advertising, $34 billion more than in 2022. In-app purchase revenue is expected to grow by 12 percent year on year to $231 billion, making 47 percent of total revenues in 2023.
Besides user and revenue growth, the global app market will also witness a substantial download increase.
According to Statista, people worldwide made 220.1 billion downloads last year. By the end of 2022, the total number of downloads is expected to reach 235.2 billion. However, 2023 is set to witness even more significant growth, with 262.5 billion downloads worldwide.
Mobile games will make 135 billion or 51 percent of all downloads next year. Photo and video apps, the second most-downloaded app category, follow with 29 billion downloads in 2023. Social media apps ranked third, with roughly 12 billion downloads next year.
Statistics show the three app categories will account for two-thirds of all downloads in 2023.
