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The Top 10 Fastest Selling Commodities in Nigeria

The Top 10 Fastest Selling Commodities in Nigeria
Nigeria is the largest African economy and one of the fastest growing economies in the world. With a population of over 180 million people, Nigeria is also home to some of the most valuable commodities on the planet.

There are many fast-selling commodities in Nigeria that have been dominating the market for years now. The country produces and exports cocoa beans, coffee beans, cassava, and palm oil among other things.

Here are some of the most valuable and common commodities found in Nigeria:

1) Chocolate

2) Palm Oil

3) Cocoa Beans

4) Coffee Beans

5) Cassava

6) Tin Ore

7) Iron Ore

8) Corn (Maize)

9) Rice (Unmilled Brown Rice)

10) Rubber

The Fastest Selling Commodities in Nigeria
Nigeria is the largest African economy and one of the fastest growing economies in the world. With a population of over 180 million people, Nigeria is also home to some of the most valuable commodities on the planet.

There are many fast-selling commodities in Nigeria that have been dominating the market for years now. The country produces and exports cocoa beans, coffee beans, cassava, and palm oil among other things.

Here are some of the most valuable and common commodities found in Nigeria:

1) Chocolate

2) Palm Oil

3) Cocoa Beans

4) Coffee Beans

5) Cassava

6) Tin Ore

7) Iron Ore

8) Corn (Maize)

9) Rice (Unmilled Brown Rice)

10) Rubber

Cocoa
Cocoa beans are a valuable and fast-selling commodity in Nigeria. Nigeria is the world’s third largest producer of cocoa beans, and it exports more than 1 million tons of cocoa beans annually.

Nigeria produces about 300,000 tons of cocoa beans annually. That’s roughly 30 percent of the total global supply. In addition to being a main producer of cocoa beans, Nigeria is also home to some of the most valuable commodities on earth.

In fact, Nigeria has been ranked as the most valuable economy in Africa for many years running by Forbes magazine.

Cocoa trees can grow in many different climates and thrive in most soil types, which makes them easier to produce than other crops. Cocoa trees can produce up to 50 pounds each year if they are grown under ideal conditions.

The average tree will produce around 3 pounds per year or less if growing conditions are not ideal or if it has been infested with pests. In order for a tree to produce fruit, it must be at least four years old when it is planted from seedlings and have reached a height between 20-30 feet tall when it is finally mature enough to bear fruit.

In order for a tree to produce fruit, it must

Coffee Beans
Coffee is one of the most popular drinks from Nigeria, and for good reason.

In the last few decades, coffee has been a big business in Nigeria. In fact, there are over 30 million people in Nigeria who drink coffee every day.

Moreover, it’s also one of the countries that produces the most coffee beans.

Nigeria produces approximately 20% of the world’s supply of coffee beans and is ranked as one of the top cocoa bean producers in Africa.

It’s not only a major player in the global market for coffee beans but also a key player in producing cocoa beans and sugar cane as well.

Palm Oil
Palm oil is extracted from palm fruits and used as an edible vegetable oil. It’s also used in the production of soaps, toothpaste, margarine, and other food products.

Producing palm oil has both pros and cons. On one hand, it’s a profitable industry that can provide jobs for people around the world. But on the other hand, it has caused deforestation in Southeast Asia and Africa–destroying natural habitats for many animals.

Regardless of the consequences, palm oil remains popular among brands because it offers sustainability without sacrificing quality.

Cassava
Cassava is a type of yam that is mainly grown in Africa and Asia. The plant grows well in hot, wet environments, and it’s often used as a substitute for other types of potatoes and rice.

Cassava can be boiled, fried, or baked. It’s really versatile and tastes great with sauces or cajun spices.

It may be difficult to find cassava plants in your local grocery store. So you might have to order it online and get it delivered to your house. Cassava plants are also known as manioc plants or yams.

Tin Ore
Though tin ore is not used as a popular food product, it can be purified and used for manufacturing purposes. Tin is an important metal in the manufacturing industry and Nigeria’s tin ores contain some of the highest percentages in the world.

The top exported tin ore by Nigeria in 2014 was worth $1.5 billion.

Iron Ore
Iron ore is one of the most valuable commodities found in Nigeria. It is also one of the most common exports.

Nigeria has the second-largest deposits of iron ore in Africa, accounting for nearly 50% of African deposits.

Iron ore is a key resource in manufacturing steel and other alloys, accounting for about 3% of the world’s supply. Mining it provides jobs for laborers and contributes to economic growth in Nigeria where it is mined.

Iron ore’s value lies primarily in its use as an important ingredient in steel production. There are four types of iron ores that are used for this purpose: hematite, magnetite, ilmenite, and limonite. Hematite is the most common type mined in Nigeria, accounting for about 90% of the country’s deposit. Iron ores are shipped to steel mills around the world where they are processed into various forms of iron or steel products used by industries across many sectors.

Corn (Maize)
The biggest source of staple foods for Nigeria is corn (maize). It is cultivated and eaten all over the country.

Corn (maize) is a major food crop in Nigeria. The crop covers more than 1 million hectares of land and provides food for the population as well as export crops to other countries. Corn (maize) can be found on dinner tables, on cereal, or milled into flour used to make breads and other products.

Rice (Unmilled Brown Rice)
Rice is a grain that is often seen as the staple food in many countries. Rice comes in two colors, brown and white. White rice has had its outer layer removed, which exposes the endosperm of the grain. Brown rice has not been stripped of this outer layer, which gives it a thicker texture and has more nutrients than white rice.

Nigeria imports almost all of its rice from other countries due to its lack of production facilities or mills capable of processing this commodity. It imports around 400,000 metric tons each year worth more than $1 billion USD.

The government is currently working on establishing an international standard for importing rice to Nigeria so that there are no violations with quality or quantity. They are also trying to change some import duties on the product so it can be cheaper for consumers to purchase locally-produced products instead of imported ones.

Rubber
Rubber is the only commodity on this list that is not imported or exported.

It is produced solely in Nigeria. Rubber is collected from rubber trees, which are all located in the southern part of Nigeria. A typical rubber tree can produce up to 70 kilograms of raw rubber per year.

The production process starts with harvesting the latex from the tree. This latex then undergoes a process called coagulation to remove impurities and produce raw rubber sheets for export.

Nigeria’s rubber industry supplies most of Africa’s demand for natural rubber, with about 85% of its production being exported to other African countries. Approximately 9% of Nigeria’s total exports are natural rubber, which netted over $1 billion in 2017 alone.

Nigeria has an important role in producing natural rubber for consumers worldwide.


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