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GROUNDNUT {PEANUT} EXPORT IN NIGERIA; NON-OIL EXPORT OPPORTUNITY SERIES
Peanut, or groundnut (Arachis hypogaea), is a species in the legume or "bean" family (Fabaceae). The peanut was probably first cultivated in the valleys of Peru.
It is an annual herbaceous plant growing 30 to 50 cm (1.0 to 1.6 ft) tall. The leaves are opposite, pinnate with four leaflets (two opposite pairs; no terminal leaflet), each leaflet 1 to 7 cm (⅜ to 2¾ in) long and 1 to 3 cm (⅜ to 1 inch) broad. The flowers are a typical peaflower in shape, 2 to 4 cm (0.8 to 1.6 in) (¾ to 1½ in) across, yellow with reddish veining.
Hypogaea means "under the earth", after pollination, the flower stalk elongates causing it to bend until the ovary touches the ground. Continued stalk growth then pushes the ovary underground where the mature fruit develops into a legume pod, the peanut – a classical example of geocarpy. Pods are 3 to 7 cm (1.2 to 2.8 in) long, containing 1 to 4 seeds.
Groundnuts also have a variety of industrial end uses. Paint, varnish, lubricating oil, leather dressings, furniture polish, insecticides, and nitroglycerin are made from groundnut oil. Soap is made from saponified oil, and many cosmetics contain groundnut oil and its derivatives. The protein portion of the oil is used in the manufacturing of some textile fibres. Groundnut shells are used in the manufacture of plastic, wallboard, abrasives, fuel, cellulose (used in rayon and paper) and mucilage (glue).
Groundnuts are also used for food and as an ingredient in confectionery products. After the extraction of oil, the residual cake is processed largely for animal feed, but is also used for human consumption.
Nigeria currently produces about two million MT representing 5% of world production and in the period between 1956 and 1967, groundnuts including its cake and oil, accounted for about 70 per cent of Nigeria’s total export earnings and created the legendary groundnut pyramids which dotted the landscape of Kano. Some of the other states where groundnut is produced in Nigeria include Kwara, Kaduna, Sokoto, Bauchi, Katsina, Zamfara, Nassarawa and most of the northern states.
Groundnut is the 13th most important food crop of the world. It is the world’s 4th most important source of edible oil and 3rd most important source of vegetable protein. Groundnut seeds contain high quality edible oil (50%), easily digestible protein (25%) and carbohydrate (20%).
Because of it numerous uses, groundnuts are in great demand and this opens an opportunity for interested investors to export the product.
It is important that the exporter takes note of the aflatoxin level in the commodity before exporting if not the commodity would be rejected at the point of entry. Aflatoxins are naturally occurring mycotoxins that are produced by many species of Aspergillus, a fungus, the most notable ones being Aspergillus flavus and Aspergillus parasiticus. Aflatoxins are toxic and among the most carcinogenic substances known.
The return on investment on the export of ground nuts is estimated between 10%- 15%.
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GROUNDNUT {PEANUT} EXPORT IN NIGERIA; NON-OIL EXPORT OPPORTUNITY SERIES
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