News in brief: Hibiscus farming in Nigeria is experiencing a significant surge in demand and prices due to the removal of an export ban by Mexico, potentially earning over â¦40 billion in 2023. This growth is seen as a positive development for Nigeria’s agricultural sector, creating jobs and boosting income for farmers while generating export revenue.
Hibiscus farming in Nigeria is projected to fetch more than â¦40 billion in earnings from export in 2023, a news report said. Citing figures provided by the Association of Hibiscus Flower Exporters of Nigeria (AHFEN), the news outfit mentioned that price of hibiscus flower has surged over 70% in six months.
The association revealed that members had exported 40 feet of 1,983 containers of hibiscus flower, which translated to 23,796 metric tons in 2022. At its current market price at â¦1.7 million per ton, hibiscus farmers in the country could potentially earn over â¦40 billion in 2023, if volumes remain the same or grow.
The surge in hibiscus prices has been attributed to the removal of the export ban by Mexico, which is responsible for about 85% of the crop’s exports.
Nigeria’s hibiscus cultivation has also surged recently. Farmers who were previously thrown out of business by the ban are now reportedly returning, while new entrants are finding the price attractive.
Furthermore, hibiscus is a versatile crop that can be used to make a variety of products. These include the popular ‘zobo’ drink, jellies, jams, fruit pastes, traditional medicines, teas and syrups. The flower grows nearly throughout the year. However, its peak production is during the dry season of November to April.
The high prices of hibiscus flower have led to many farmers abandoning other crops to cultivate it.
A hibiscus farmer told a news outfit that they are even unable to meet up with the current demand of the flower from customers and they are paying other farmers to grow it on their behalf.
Analysts believe that the boom in hibiscus farming is a positive development for Nigeria’s agricultural sector as it will help to create jobs and boost income for farmers. It is also generating export revenue for the country.
