Nigeria agricultural exports increases by 123% — NBS

By Opeyemi Abdulsalam

In comparison to the fourth quarter (Q4) of 2023, agricultural exports from Nigeria to other countries climbed by 123 per cent, to N463.97 billion, according to the Nigerian Bureau of Statistics (NBS).

Furthermore, NBS data indicated growth amounts of 270 percent in comparison to the first quarter (Q1) of 2023 figures, which were N279.64 billion.

According to the NBS report on “Foreign Trade in Goods Statistics” for the first quarter of 2024, the majority of agricultural products—worth N572 billion—were sent to Asia, with N366 billion going to Europe.

According to the reports, Sesamum (benne) seeds valued at N247.75 billion tops the exported products, followed by ‘Superior quality Cocoa beans’ at N231 billion, and ‘Standard quality Cocoa beans’ at N140 billion, while Sesames seeds worth N83.29 billion and N58.04 billion were exported to China and Japan respectively.

Superior quality Cocoa beans worth N112 billion and N48 billion were exported to The Netherlands and Malaysia respectively; whereas ‘Standard quality Cocoa beans’ worth N58bn and N38bn were exported to both countries.

Meanwhile, total imports of agricultural goods in the first quarter (Q1) of 2024 stood at N920bn or 7.28 percent of total imports, connoting an increase of 29.45 percent when compared to the value recorded in Q4, 2023 (N711bn) and by 95 percent when compared to the value recorded in Q1, 2023 (N471bn).

The major agricultural goods imported in Q1, 2024 included ‘Durum wheat (not in seeds)’ from Canada with N130bn and Lithuania with N99bn.

This was followed by Blue whitings (a species of frozen fish) from the Netherlands valued at N17bn.

The value of total trade in agricultural goods in the first quarter of 2024 stood at N1,95bn, out of which exports were valued at N1,035bn.