Nigeria’s agricultural exports soar by 123%, according to NBS report

The Nigerian Bureau of Statistics (NBS) reported a significant increase in the country’s agricultural exports, rising by 123 percent to reach ₦463.97 billion in comparison to the fourth quarter (Q4) of 2023. This surge also represents a 270 percent growth compared to the first quarter (Q1) of 2023, which saw exports valued at ₦279.64 billion. The NBS’s latest ‘Foreign Trade in Goods Statistics’ for Q1 2024 highlighted that agricultural exports to Asia amounted to ₦572 billion, followed by ₦366 billion worth of exports to Europe.

Among the top exported agricultural products, Sesamum (benne) seeds led with a value of ₦247.75 billion, followed by superior quality cocoa beans at ₦231 billion, and standard quality cocoa beans at ₦140 billion. Specifically, Sesamum seeds worth ₦83.29 billion and ₦58.04 billion were shipped to China and Japan, respectively.

Superior quality cocoa beans valued at ₦112 billion and ₦48 billion were exported to the Netherlands and Malaysia, while standard quality cocoa beans worth ₦58 billion and ₦38 billion were sent to these countries.

Read also:

• 
  Khalifa fund displays over 15 SMEs at Emirates forum
• 
  
  China’s SME landscape sees steady growth, innovation drive
• 
  Oyo unveils export-ready yam, cassava, plantain flour to boost non-oil trade
  
• 
  High interest rates hurting SMEs, reps tell CBN
• 
  DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan
• 
  Nigeria nears final phase in hosting Africa’s first energy bank

On the import side, agricultural goods brought into Nigeria in Q1 2024 totaled ₦920 billion, constituting 7.28 percent of total imports. This figure marks a 29.45 percent increase from Q4 2023’s ₦711 billion and a 95 percent rise from Q1 2023’s ₦471 billion. Key agricultural imports included durum wheat (not in seeds) from Canada, valued at ₦130 billion, and from Lithuania, valued at ₦99 billion. Additionally, blue whitings (a species of frozen fish) imported from the Netherlands were valued at ₦17 billion.

Overall, the total trade in agricultural goods for Q1 2024 amounted to ₦1.95 trillion, with exports comprising ₦1.035 trillion. The data underscores Nigeria’s growing agricultural trade, driven by substantial increases in both exports and imports.