Agriculture exports from Nigeria increased by 123% – NBS

The Nigerian Bureau of Statistics (NBS) reported that agricultural exports from Nigeria to other countries increased by 123% over the fourth quarter of 2023 (₦463.97 billion) and 270 percent over the first quarter of 2023 (₦279.64 billion).

NBS Q1 2024 report on ‘Foreign Trade in Goods Statistics’ shows that agricultural items were primarily exported to Asia, valued at ₦572 billion, followed by Europe at ₦366 billion. According to sources, the top agricultural exports were sesamum seeds (worth ₦247.75 billion), superior grade cocoa beans (worth ₦231 billion), and standard quality cocoa beans (worth ₦140 billion).

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).

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.

(Credit: Channels TV)