Agric export increased to N201bn in Q1 as cocoa beans tops

The exportation of agricultural goods to other countries from Nigeria increased in the first three months of 2022, amounting to N201 billion from the N644.9 billion trade transactions of the commodities, a report by the National Bureau of Statistics (NBS) has disclosed.

Foreign Trade Statistics stated that the figure was 51.89 per cent and 58.35 per cent when compared to the value recorded in Q4, 2021 (N132.71 bn) and Q1, 2021 (N127.31bn) respectively.

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However, the figure indicated that importation of agricultural products into the country was still high, with total imports of agricultural goods gulping N443bn or 7.51 per cent of total imports.

But the figure is still a decrease from the N667.16bn recorded in Q4, 2021.

The report added that export of agricultural products was dominated by superior quality cocoa beans valued at N72.5bn, followed by sesamum seeds, N56.4bn and standard quality cocoa beans, N13.21bn.

Others include cashew nuts in shell N12.4; desiccated coconuts, N9.3bn; ginger (neither crushed nor ground), N6.4bn; frozen shrimps and prawns, N3.9bn; natural cocoa butter, N3.1bn; cut flowers and flower buds, N2.8bn; palm nuts and kernels, N2.3; cashew nuts shelled 1.8, ginger (crushed or ground, N1.6bn; saffron, N1.6bn, Brazil nuts in shell, N1.4bn.

It stated that agricultural goods were exported to Asia, valued at N101.99bn, followed by Europe with N27.49bn. 

“By direction of trade, ‘Superior quality raw cocoa beans’ worth N27.16bn and N16.11bn was exported to The Netherlands and Belgium respectively.  

Furthermore, sesamum seeds worth N24.34bn and N11.11bn were exported to China and Japan respectively, followed by exports of standard quality cocoa beans worth N6.70 and N2.74bn were exported to Germany and Malaysia respectively.”

On the other hand, the importation of durum wheat (not in seeds) from the United States with N71.56bn and Argentina with N59.04bn top the chart followed by crude palm oil from Malaysia valued at N13.50bn and from China with N0.02bn and herrings worth N6.23bn was imported from Russia.