Quest for a bigger share in global spices markets - The Nation Nigeria

Spices constitute an important group of commodities which are indispensable in homes and industries. The market is on an upward trend. Grand View Research report says global seasoning and spices market was worth $13.77 billion last year. Analysts expect the market to reach $20.99 billion by 2024. While there are no confidence figures on Nigeria’ national production, stakeholders believe the nation can make $2 billion yearly from spices exports,The global spices industry has shown robust growth.

One of them is the Director-General, Raw Material Research and Development Council , Prof Haruna Dikko Ibrahim, who has not hidden his concerns. Nigeria produces pepper, chili, ginger, cinnamon, turmeric, nutmeg and mace, cardamon, and cloves, among others. He has no doubts about the possibility of growing more types of spices in Nigeria because of tropical or sub-tropical climates.Opening high-end markets

He found out that why Nigerians were not able to export spices to corporate buyers. He said it was because they had not been able to present some certifications, including the GLOBAL G.A.P. Olunowo is successful in spices farming and exports. He developed many techniques in spices farming by which he not only makes profit but people around him are also utilising the techniques and gaining profits.According to him, lemongrass is used in many industries, including the fragrance and flavour, food and beverage, soap, detergent and cleaning products manufacturing, pharmaceutical, and pesticide.

Sotonye noted that Nigeria ought to be one of the world’s leading spices exporter, attributing its current status to unsustainable practices, despite that the soil is rich to make it an abundant producer. Sotonye said traceability, hygiene and control were critical when exporting spices to Europe, as EU sets maximum levels for mycotoxins for specific spices.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘Why Nigeria’s tech stocks can’t hit $1tr mark in 30 yrs’With global technology companies, including Apple, Amazon, Netflix, Zoom, apparently doing well, and to a large extent, influencing gradual recovery of the US stock market
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Onion farmers plead for increased investment | Premium Times NigeriaMr Umar said that Nigeria should pay more attention to agriculture, to fast track the revival of the nation’s economy....
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Renewed bargain-hunting pushes index by 0.31 per cent | The Guardian Nigeria News - Nigeria and World NewsThe Nigerian equities market rebounded yesterday, occasioned by bargain-hunting in most blue-chip stocks, causing the All-Share Index (ASI), to advance by 0.31 per cent.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Woman shares work placement success story at Aston University, UK - Daily Post NigeriaEmemobong Etim, a student from Nigeria, is currently studying MSc International Business here at Aston University, Birmingham. She recently secured a Need an instant follower? Follow me and be followed back in a seconds 💯 % sure I promise to follow back If u don't want to follow please don't like wathonianyansi BeLikeLaycon BBNaija BBNaijialockdown2020
Source: DailyPostNGR - 🏆 11. / 59 Read more »