Newly released data from the Nigerian Bureau of Statistics (NBS) reveals that agricultural exports from Nigeria increased by 123% compared to the fourth quarter of 2023 (₦463.97bn) and by 270% compared to the first quarter of 2023 (₦279.64bn).
According to the NBS report on ‘Foreign Trade in Goods Statistics’ for Q1 2024, most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe at ₦366bn.
The report highlighted that the export of agricultural products was dominated by ‘Sesamum seeds’ valued at ₦247.75bn, ‘Superior quality cocoa beans’ at ₦231bn, and ‘Standard quality cocoa beans’ at ₦140bn.
Further analysis showed that ‘Sesamum seeds’ worth ₦83.29bn and ₦58.04bn were exported to China and Japan, respectively. ‘Superior quality cocoa beans’ worth ₦112bn and ₦48bn were exported to the Netherlands and Malaysia, respectively. Meanwhile, ‘Standard quality cocoa beans’ worth ₦58bn and ₦38bn were exported to the Netherlands and Malaysia, respectively.
Conversely, the total imports of agricultural goods in Q1 2024 amounted to ₦920bn, constituting 7.28% of total imports. This marks an increase of 29.45% compared to the value recorded in Q4 2023 (₦711bn) and a 95% increase compared to Q1 2023 (₦471bn).
The primary agricultural goods imported in Q1 2024 included ‘Durum wheat (not in seeds)’ from Canada valued at ₦130bn and Lithuania at ₦99bn.
This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen’ from the Netherlands, with a value of ₦17bn.
The total trade value of agricultural goods in the first quarter of 2024 amounted to ₦1.95bn, with exports valued at ₦1.035bn.
Imports
On the contrary, the total import value reached ₦12,643bn in the first quarter of 2024, marking a 40% increase compared to the value recorded in Q4 2023 (₦9,054bn) and a 95% rise from the corresponding quarter of 2023 (₦6,466bn).
During the first quarter of 2024, China emerged as the top trading partner for imports, followed by India, the United States of America, Belgium, and the Netherlands. The most traded commodities included Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar intended for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.
The value of agricultural goods imported in Q1 2024 amounted to ₦920bn, marking a 29% increase compared to ₦711bn in Q4 2023 and a 95% rise from ₦471bn in Q1 2023.
Raw material imports in Q1 2024 were valued at ₦1,467bn, reflecting a 52% increase from ₦967bn in Q4 2023 and a significant rise of 164% from ₦555bn in Q1 2023.
Solid mineral imports in the first quarter of 2024 reached ₦71bn, indicating a 21% increase from ₦59bn in Q4 2023 and a 59% increase from ₦45bn in Q1 2023.