New Post

Author

IEOM NIGERIA
November 15, 2022

Happy Tuesday and Welcome to Export Brief. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

  • ⏲️: This edition is 966 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: (1). The G20 Summit begins in Bali, Indonesia. (2). The global population reaches 8 billion, according to UN projections.

  • Why Nigeria gets little from the $2.7 billion ginger market

  • Lagos targets increased export of made-in-Nigeria products

TRADE

1 big brief: Why Nigeria gets little from the $2.7 billion ginger market

A container laden ship berthed at Apapa port in Lagos, Nigeria. Image: BAWA

Nigeria is benefitting less from the $3 billion global ginger market even when the country is the second-highest producer of the commodity globally. Most of the world’s ginger is produced in India, Nigeria, China, Indonesia and Nepal, according to World Mapper.

Why it matters: Nigeria exported $12 million worth of ginger in 2021 (523,000 metric tonnes), which represents 14 percent of the global supply for ginger, but he believes Nigeria could earn more if that volume is converted into ginger oil (through steam distillation). Ginger oil is used as flavouring agent for beverages, confectionery and perfumes.

💬What they're saying: “Nigeria exports highly valuable agricultural commodities such as ginger and cocoa among others at a giveaway rate and then spends billions in importing back their refined products into the country. He said the Europeans buy ginger from Nigeria at $2000 per tonne and get 35 times the value processing it into ginger oil. - Kelvin Emmanuel, CEO, Diary Hills

  • "In fact, if you look at the ginger market for example which has most of the output in Kaduna and Kano States, mostly in southern Kaduna, they will tell you that the farmers are not getting up to $1000 per metric tonnes. The question is, where is the money going? The middlemen. So you have a situation where the middlemen buy from the farmers at a peanut amount, and export it, making more money than what the farmers are making. That is it."

More details: Ginger is one of the healthiest herbs and important spices used for pickles and preservatives. It is available in different forms such as raw ginger, dry ginger, bleached dry ginger, ginger powder, ginger oil, ginger oleoresin, ginger candy and more. The “Global Ginger” Market is expected to reach $4.8 billion by 2027.

TRADE ROUNDUP

EXPORT | Lagos targets increased export of made-in-Nigeria products

  • The Lagos State government has announced plans to boost the export of Made-in-Nigeria products, noting that the present administration is working with various stakeholders to position products and services in the State for increased export.

UPCOMING TRAINING - ABUJA

IN THE NEWS

Courtesy: The Economist

A MESSAGE FROM GGI

Climate Action: With exploration comes the need for expertise and sustainability

At GGI, we combined expertise, innovation and sustainable practices in meeting our client's engagements. Our actions to mitigate climate change are central to making the world a better place. Learn more.

UPCOMING TRAINING - PORT HARCOUT

IEOM

The Institute of Export Operations & Management, as a Trade Support Institute is out to stimulate and facilitate non-oil export in Nigeria. Our vision is to become the foremost independent provider of export training and best research practice in Nigeria. In line with our mission, our intensive training progams both online and on-premise among others are designed to optimize your trade capacity and knowledge. We actualize this through the following:

  • Access to Low-Interest Loan from our partner Bank*

  • Export breakfast meetings

  • The Export Brief magazine

  • Seminars and workshops

  • Banker and Exporter training

  • Trade access and facilitation

Trade Intelligence Unit (TIU) is a division of IEOM Nigeria, providing export trade information, research, insights and analytics for organizations, agencies of government, businesses and individuals to help them make informed decisions. We help our clients by leverage on our proprietary tools to create access into our rich trade database in delivering innovative solutions.

Join us in our quest to make Africa's largest economy to be self-sufficient through non-oil export and become a member of IEOM.

*We have partnered with Standard Chartered Bank Nigeria in creating access to low-interest loans for our MSMEs members.

For enquiries on memberships, trainings and collaboration on sponsorships of events, newsletters and magazine you can reach us on +234 909 332 8361, +234 808 302 9491 or [email protected].

DATA WATCH

ADVERTISE IN EB NEWSLETTER

 TWEET OF THE WEEK

PHOTOS OF THE WEEK

ON THE GLOBAL STAGE: WTO's Director-General, Dr. Ngozi Okonjo-Iweala and Dr. Akinwumi Adesina, President of the AfDB at the just concluded COP27 summit. Photo credit: NOI/Twitter

Was this email forwarded to you? Sign up here.