3Timpextrade Academy yesterday tweeted a pictograph of how Nasarawa State can generate over $130bn by exporting Sesame Seeds. A ccording to the pictograph which has its source from the Nigerian Bureau of Statistics, NBS and BudgIT, the arable land mass of Nasarawa state is 1,041,292.90 hectares. The assumed land mass cultivated is 260,323.20 hectare and the yield per hectare is 2MT. The cost of farming per hectare is N130, 000. The possible yield from 2MT per hectare is 520,464.40MT (using the assumed land mass cultivated). The total cost of farming is N33.8billion (knowing that the cost per hectare is N130,000).
As calculated above, the possible yield from Nasarawa’s assumed land mass cultivated is 520,646.40 MT which is also the total exportable sesame seed. The cost of exporting per MT is N35,000 (FOB = $1,000/MT). If the conversion rate of $1 to Naira is N360, total export proceed is ($520.6million) or N187.4billion.
By the time the total cost of farming and total cost of export which makes the total project cost is deducted from the total export proceed, the total possible income is N131.4billion.
Looking at the Internal Generated Revenue, IGR in 2017 which stands at 6.17billion, a state like Nasarawa should not owe civil servants salaries because they have more than enough resource.