By Lucy Adautin
Newly released data from the Nigerian Bureau of Statistics (NBS) indicates a significant increase in the export of agricultural goods from Nigeria.
Compared to the fourth quarter of 2023, exports surged by 123 percent, reaching ₦463.97 billion. The rise is even more pronounced when compared to the first quarter of 2023, with a 270 percent increase from ₦279.64 billion.
The NBS’s report on ‘Foreign Trade in Goods Statistics’ for the first quarter of 2024 highlights that the majority of these agricultural exports went to Asia, valued at ₦572 billion, followed by Europe, with exports totaling ₦366 billion.
The report further reveals that the primary agricultural exports included ‘Sesamum seeds’ valued at ₦247.75 billion, ‘Superior quality Cocoa beans’ at ₦231 billion, and ‘Standard quality Cocoa beans’ at ₦140 billion.
In more detail, ‘Sesamum seeds’ worth ₦83.29 billion were exported to China and ₦58.04 billion to Japan. Additionally, ‘Superior quality Cocoa beans’ worth ₦112 billion were exported to The Netherlands and ₦48 billion to Malaysia.
Also, ‘Standard quality Cocoa beans’ worth ₦58 billion and ₦38 billion were exported to The Netherlands and Malaysia, respectively.
Meanwhile, total imports of agricultural goods in Q1 2024, amounted to ₦920 billion, comprising 7.28 percent of total imports. This represents a 29.45 percent increase from Q4 2023 (₦711 billion) and a 95 percent rise compared to Q1 2023 (₦471 billion).
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The primary agricultural imports in Q1 2024, included ‘Durum wheat (not in seeds)’ from Canada valued at ₦130 billion and from Lithuania at ₦99 billion. Following these were ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen’ from the Netherlands, valued at ₦17 billion.
The total trade value of agricultural goods in Q1 2024, was ₦1.95 trillion, with exports accounting for ₦1.035 trillion.
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 emerged as the leading trading partner for imports, followed by India, the United States of America, Belgium, and The Netherlands. The most frequently traded commodities included Motor spirit ordinary, Gas oil, Durum wheat (not in seeds), Cane sugar intended for sugar refineries, and various Liquefied petroleum gases and other gaseous hydrocarbons.
Agricultural goods imported in Q1 2024 totaled ₦920 billion, marking a 29 percent increase from ₦711 billion in Q4 2023 and a 95 percent rise from ₦471 billion in Q1 2023.
During the same period, raw material imports reached ₦1,467 billion, representing a 52 percent increase from ₦967 billion in Q4 2023 and a significant 164 percent rise from ₦555 billion in Q1 2023.
Solid mineral imports in the first quarter of 2024 were valued at ₦71 billion, showing a 21 percent increase from ₦59 billion in Q4 2023 and a 59 percent rise from ₦45 billion in Q1 2023.
