Nigeria Ramps Up Agricultural Exports By 123%- NBS

Posted by African Examiner Business News, Latest Headlines Monday, June 10th, 2024

(AFRICAN EXAMINER) – Newly released data by the Nigerian Bureau of Statistics (NBS), has revealed that exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion).

According to NBS’s report on ‘Foreign Trade in Goods Statistics’ for Q1, 2024, noted that most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe with ₦366bn.

The reports added that export of agricultural products was dominated by ‘Sesamum seeds’ valued at ₦247.75bn, ‘Superior quality Cocoa beans,’ with ₦231bn and ‘Standard quality Cocoa beans’ with₦140bn.

Further analysis showed that ‘Sesamum seeds’ worth ₦83.29 billion and ₦58.04 billion were

exported to China and Japan, respectively while ‘Superior quality Cocoa beans,’ worth

₦112bn and ₦48bn were exported to The Netherlands and Malaysia respectively.

Whereas; ‘Standard quality Cocoa beans’ worth ₦58bn and ₦38bn were exported to The Netherlands and Malaysia, respectively.

On the other hand, total imports of agricultural goods in Q1, 2024 stood at ₦920bn or 7.28 per cent of total imports. This is an increase of 29.45 per cent when compared to the value recorded in Q4, 2023 (₦711bn) and by 95 per cent when compared to the value recorded in Q1, 2023 (₦471bn).

The major agriculture goods imported in Q1, 2024 included ‘Durum wheat (not in seeds)’ from Canada with ₦130bn and Lithuania with ₦99bn.

This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen.’ from the Netherlands valued at ₦17bn.

The value of total trade in agricultural goods in the first quarter of 2024 stood at ₦1,95bn, of which exports were valued at ₦1,035bn.

Imports

On the other hand, the value of total imports stood at ₦12,643bn in the first quarter of 2024, representing an increase of 40 per cent compared with the value recorded in Q4, 2023 (₦9,054bn) and a rise of 95 per cent from the value recorded in the corresponding quarter of 2023 (₦6,466bn).

In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands. The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.

The value of agricultural goods imported in Q1 2024 was ₦920bn, reflecting an increase of 29 per cent when compared to ₦711bn in Q4 2023, and a 95 per cent rise compared to ₦471bn in Q1 2023.

In Q1 2024, raw material imports were valued at ₦1,467bn. This represents a 52 per cent increase from ₦967bn in Q4 2023 and a significant rise of 164 per cent from ₦555bn in Q1 2023.

In the first quarter of 2024, solid mineral imports were valued at ₦71bn. This represents a 21 per cent increase from ₦59bn in Q4 2023 and a 59 per cent increase from ₦45bn in Q1 2023.