By Tolúlopé Olátúnjí
The National Bureau of Statistics (NBS) has reported a significant peak in the country’s agricultural exports, which rose by 123 per cent in the first quarter of 2024 compared to the fourth quarter of 2023, and by 270 per cent compared to the first quarter of 2023. The total value of agricultural exports reached ₦463 billion in Q4 2023 and ₦279.64 billion in Q1 2023, according to NBS.
In a new data from the NBS, titled”Foreign Trade in Goods Statistics” , the majority of these exports were directed to Asia, accounting for ₦572 billion, followed by Europe with ₦366 billion.
In addition, the report highlighted that the export of agricultural products was dominated by ‘Sesamum seeds’ valued at over ₦247billion, ‘Superior quality Cocoa beans’ at ₦231 billion, and ‘Standard quality Cocoa beans’ at ₦140 billion.
Furthermore, the NBS analysis revealed that ‘Sesamum seeds’ worth ₦83.29 billion were exported to China and ₦58.04 billion to Japan. ‘Superior quality Cocoa beans’ worth ₦112 billion and ₦48 billion were exported to the Netherlands and Malaysia, respectively. Meanwhile, ‘Standard quality Cocoa beans’ worth ₦58 billion and ₦38 billion were also exported to the Netherlands and Malaysia, respectively.
However, on the import side, total agricultural imports in Q1 2024 stood at ₦920 billion, representing 7.28 per cent of total imports. This marks a 29.45 per cent increase from ₦711 billion in Q4 2023 and a 95 per cent increase from ₦471 billion in Q1 2023.
Major agricultural goods imported included ‘Durum wheat (not in seeds)’ from Canada valued at ₦130 billion and from Lithuania valued at ₦99 billion, followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen’ from the Netherlands valued at ₦17 billion.
The total value of trade in agricultural goods in Q1 2024 was ₦1.95 billion, with exports valued at ₦1.035 billion and imports at ₦920 billion.
Overall, the value of total imports in Q1 2024 was ₦12.643 trillion, marking a 40 per cent increase from ₦9.054 trillion in Q4 2023 and a 95 per cent rise from ₦6.466 trillion in Q1 2023. China ranked highest among Nigeria’s top trading partners for imports, followed by India, the United States, Belgium, and the Netherlands.
The most traded commodities , according to the report, included motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refinery, and other liquefied petroleum gases and gaseous hydrocarbons.
The report noted further that raw material imports in Q1 2024 were valued at ₦1.467 trillion, a 52 per cent increase from ₦967 billion in Q4 2023, and a 164 per cent rise from ₦555 billion in Q1 2023. Solid mineral imports were valued at ₦71 billion, representing a 21 per cent increase from ₦59 billion in Q4 2023 and a 59 per cent rise from ₦45 billion in Q1 2023.
