BUSINESS

NBS: Total Export Of Nigeria’s Agricultural Products To Asia, Europe Worth N938bn In Q1 2024

 

 

The total export of Nigeria’s agricultural products to Asia, Europe worth N938bn in the first quarter of 2024.

According to Nigerian Bureau Of Statistics 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 with ₦366bn.

The report added that export of agricultural products was dominated by ‘Sesamum seeds’ valued at ₦247.75bn, ‘Superior quality Cocoa beans,’ with ₦231bn and ‘Standard quality Cocoa beans’ with₦140bn.

Further analysis showed that ‘Sesamum seeds’ worth ₦83.29 billion and ₦58.04 billion were exported to China and Japan, respectively while ‘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.

On the other hand, total imports of agricultural goods in Q1, 2024 stood at ₦920bn or 7.28 per cent of total imports. This is an increase of 29.45 per cent when compared to the value recorded in Q4, 2023 (₦711bn) and by 95 per cent when compared to the value recorded in Q1, 2023 (₦471bn).

The major agriculture goods imported in Q1, 2024 included ‘Durum wheat (not in seeds)’ from Canada with ₦130bn and Lithuania with ₦99bn.

This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen.’ from the Netherlands valued at ₦17bn.

The value of total trade in agricultural goods in the first quarter of 2024 stood at ₦1,95bn, of which exports were valued at ₦1,035bn.

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