Nigeria is the largest producer of carrots in SSA and 32nd largest producer in the world, producing approximately 225,000 tonnes annually. This is 37.5% of its potential capacity (600,000 tonnes). The revenue implications of optimal production for the industry could be as high as $720mn.
It suggests another robust revenue source for the Nigerian economy especially at a time when the government is looking to optimize revenue and improve fiscal consolidation.
Mostly produced in Northern Nigeria. Major producing states are Plateau, Kano, Kaduna, Sokoto. Production is concentrated in violence-prone states. Users of this commodity are households, caterers, restaurants (Tantalizers, Mr Bigg’s, The Place, etc).
Top uses of Carrots in Nigeria range from cooking (fried rice, jollof rice, etc), coleslaw, smoothies to Body care products (bathing soap, body cream).
Carrots have the cultivation/maturity lag of 3-4months and are grown mostly in temperate areas. The total global production is approximately 42mn tonnes ($50.57bn). World’s top producers are China, Uzbekistan, Russia, US while the world’s top consumers China, Uzbekistan, Russia.
Source: FAOSTAT, FDC Think Tank
There is a likely positive correlation between the consumption of Carrots and life expectancy. Global average life expectancy of consumers is 72 years.
Major health benefits of Carrots:
- Carrot consumption contains large amount of antioxidants.
- Reduces the risk of cancer and cardiovascular diseases
- Regulates blood sugar and protects against high blood pressure
FINANCIAL DERIVATIVES COMPANY