The Nigerian Bureau of Statistics (NBS) has revealed that agricultural exports from Nigeria to other nations increased by 123 per cent, reaching N463.97 billion compared to the fourth quarter (Q4) of 2023.
Additionally, when compared with the figures from the first quarter (Q1) of 2023, which stood at ₦279.64 billion, NBS data showed the growth amounts of 270%.
The NBS’s report on ‘Foreign Trade in Goods Statistics’ for the first quarter of 2024 noted that most agricultural products valued at ₦572bn were exported to Asia and was followed by exports to Europe at ₦366bn.
According to the reports, Sesamum (benne) seeds valued at ₦247.75 billion tops the exported products, followed by ‘Superior quality Cocoa beans’ at ₦231 billion, and ‘Standard quality Cocoa beans’ at ₦140 billion, while Sesames seeds worth ₦83.29 billion and ₦58.04 billion were exported to China and Japan respectively.
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 both countries.
Meanwhile, total imports of agricultural goods in the first quarter (Q1) of 2024 stood at ₦920bn or 7.28 percent of total imports, connoting an increase of 29.45 percent when compared to the value recorded in Q4, 2023 (₦711bn) and by 95 percent 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 (a species of frozen fish) from the Netherlands valued at ₦17bn.
The value of total trade in agricultural goods in the first quarter of 2024 stood at ₦1,95bn, out of which exports were valued at ₦1,035bn.