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The soybean (U.S.) or soya bean (UK) (Glycine max)is a species of legume native to East Asia, widely grown for its edible bean which has numerous uses. The plant is classed as an oilseed rather than a pulse by the Food and Agricultural Organization (FAO).
Fat-free (defatted) soybean meal is a significant and cheap source of protein for animal feeds and many prepackaged meals;soy vegetable oil is another product of processing the soybean crop. For example, soybean products such as textured vegetable protein (TVP) are ingredients in many meat and dairy analogues. Soybeans produce significantly more protein per acre than most other uses of land.
Nigeria presently produces about 500,000 MT of Soybean annually making it the largest producer of the product on the African continent. Soybean is a legume which is produced in most the middle belt of the country with Benue state accounting for about 45% of the total production in country.
In Nigeria, soya beans are mostly produced in the middle belt with benue state accounting for over 70% of the production in Nigeria. Some of the states producing soya beans in Nigeria include Kwara, Kogi, Oyo, Ondo, Osun, Nassarawa, Kaduna, Niger, Bauchi, Ogun, and Taraba states. Other states are Adamawa, Abia, Enugu, Anambra, Jigawa, Lagos, Plateau, Ekiti and the Federal Capital Territory.
Soybeans are an important source of high quality and inexpensive protein and oil. With an average protein content of 40% and oil content of 20%, soybean has the highest protein content of all food crops and is second only to groundnut in terms of oil content amongst food legumes. Soybeans are used in the production of milk, edible oil and animal feed. It’s high protein content and price makes it the best option in terms of treating malnutrition and would continue to expand the international market for the product which currently is estimated at US$40 billion.
Nigeria currently produces soybean worth $85 million in the international market and though most of the nation’s soybean is consumed locally where they are used in the production of soymilk and specially formulated foods to help malnourished infants and children, the international market for the product is growing and sustainable.
Soybean is an important source of high quality and inexpensive protein and oil. With an average protein content of 40% and oil content of 20%, soybean has the highest protein content of all food crops and is second only to groundnuts in terms of oil content amongst food legumes.
Because of it numerous uses, soya beans are in great demand and this opens an opportunity for interested investors to export the product.
The return on investment on the export of raw cashew nuts is estimated between 10%- 15%.
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SOYA BEANS EXPORT IN NIGERIA ; NON-OIL EXPORT OPPORTUNITY SERIES
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