Nigeria Achieves Remarkable Growth in Agricultural Exports by 123% – NBS

Newly released data from the Nigerian Bureau of Statistics (NBS) reveals a significant 123% increase in agricultural exports, reaching ₦463.97 billion compared to Q4 2023, and a 270% rise from Q1 2023’s ₦279.64 billion.

The “Foreign Trade in Goods Statistics” report for Q1 2024 highlights Asia as the top destination for Nigeria’s agricultural products, valued at ₦572 billion, followed by Europe with ₦366 billion. Key exports included ‘Sesamum seeds’ at ₦247.75 billion, ‘Superior quality Cocoa beans’ at ₦231 billion, and ‘Standard quality Cocoa beans’ at ₦140 billion.

Specifically, ‘Sesamum seeds’ were prominently exported to China (₦83.29 billion) and Japan (₦58.04 billion), while ‘Superior quality Cocoa beans’ found markets in The Netherlands (₦112 billion) and Malaysia (₦48 billion). ‘Standard quality Cocoa beans’ were also exported to The Netherlands (₦58 billion) and Malaysia (₦38 billion).

Agricultural imports for Q1 2024 stood at ₦920 billion, a 29.45% increase from Q4 2023’s ₦711 billion and a 95% rise from Q1 2023’s ₦471 billion. Major imports included ‘Durum wheat (not in seeds)’ from Canada (₦130 billion) and Lithuania (₦99 billion), and frozen ‘Blue whitings’ from the Netherlands (₦17 billion).

The total trade value in agricultural goods for Q1 2024 reached ₦1.95 trillion, with exports contributing ₦1.035 trillion. Overall, imports totaled ₦12.643 trillion, showing a 40% increase from Q4 2023 and a 95% rise from Q1 2023.

China led as the top trading partner on the import side, followed by India, the United States, Belgium, and the Netherlands. The most traded commodities included 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.

Raw material imports were valued at ₦1.467 trillion, a 52% increase from Q4 2023 and a 164% rise from Q1 2023. Solid mineral imports were valued at ₦71 billion, marking a 21% increase from Q4 2023 and a 59% increase from Q1 2023.