New data from the Nigerian Bureau of Statistics (NBS) has revealed a significant increase in the export of agricultural goods from Nigeria, which grew by 123% in the first quarter of 2024 compared to the fourth quarter of 2023, reaching a value of ₦463.97 billion. This marks a 270% increase from Q1 2023’s figure of ₦279.64 billion.
According to the NBS’s ‘Foreign Trade in Goods Statistics’ report for Q1 2024, the majority of these agricultural products were exported to Asia, with exports valued at ₦572 billion, followed by Europe at ₦366 billion.
The report highlighted that the export of agricultural products was dominated by Sesamum seeds valued at ₦247.75 billion, Superior quality cocoa beans at ₦231 billion, and Standard quality cocoa beans at ₦140 billion.
Further analysis showed that Sesamum seeds worth ₦83.29 billion and ₦58.04 billion were exported to China and Japan, respectively. Superior quality cocoa beans worth ₦112 billion and ₦48 billion were exported to The Netherlands and Malaysia, respectively. Standard quality cocoa beans worth ₦58 billion and ₦38 billion were also exported to The Netherlands and Malaysia, respectively.
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On the import side, Nigeria’s total imports of agricultural goods in Q1 2024 stood at ₦920 billion, representing 7.28% of total imports. This marks an increase of 29.45% compared to Q4 2023’s ₦711 billion and a 95% rise from Q1 2023’s ₦471 billion.
Key agricultural imports in Q1 2024 included Durum wheat (not in seeds) from Canada valued at ₦130 billion and from Lithuania valued at ₦99 billion. This was followed by frozen blue whitings meat from the Netherlands, valued at ₦17 billion.
The total trade value in agricultural goods for the first quarter of 2024 was ₦1.95 trillion, with exports valued at ₦1.035 trillion.
Overall, the value of total imports in the first quarter of 2024 was ₦12.643 trillion, a 40% increase from Q4 2023’s ₦9.054 trillion and a 95% rise from Q1 2023’s ₦6.466 trillion.
China was the highest-ranking trading partner for imports, 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.
In Q1 2024, raw material imports were valued at ₦1.467 trillion, a 52% increase from ₦967 billion in Q4 2023, and a 164% rise from ₦555 billion in Q1 2023. Solid mineral imports were valued at ₦71 billion, reflecting a 21% increase from ₦59 billion in Q4 2023 and a 59% increase from ₦45 billion in Q1 2023.
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