Nigeria Boosts Agricultural Exports by 123% in Q1 2024: NBS Report

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According to newly released data by the Nigerian Bureau of Statistics (NBS), Nigeria’s agricultural exports increased by 123% in the first quarter of 2024 compared to the fourth quarter of 2023. The value of these exports reached ₦1,035 billion, up from ₦463.97 billion in Q4 2023, and marked a 270% increase compared to the ₦279.64 billion recorded in Q1 2023.

The NBS report on ‘Foreign Trade in Goods Statistics’ for Q1 2024 revealed that the majority of agricultural products were exported to Asia, with a total value of ₦572 billion, followed by exports to Europe valued at ₦366 billion. The leading 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.

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.

On the import side, total agricultural imports in Q1 2024 stood at ₦920 billion, accounting for 7.28% of total imports. This represented a 29.45% increase from ₦711 billion in Q4 2023 and a 95% rise from ₦471 billion in Q1 2023. Major agricultural imports included durum wheat from Canada and Lithuania, valued at ₦130 billion and ₦99 billion, respectively, and frozen blue whiting meat from the Netherlands, valued at ₦17 billion.

The total value of trade in agricultural goods in Q1 2024 amounted to ₦1,955 billion. Meanwhile, the total value of all imports in the same period was ₦12,643 billion, reflecting a 40% increase from Q4 2023 and a 95% rise from 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 included motor spirit ordinary, gas oil, durum wheat, cane sugar for sugar refineries, and other liquefied petroleum gases and gaseous hydrocarbons. Raw material imports in Q1 2024 were valued at ₦1,467 billion, and solid mineral imports stood at ₦71 billion, reflecting significant increases compared to previous quarters.

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