Q1 Agricultural Goods Trade in Nigeria Reaches N751.03 Billion
According to the National Bureau of Statistics (NBS), Nigeria achieved a remarkable milestone in the First Quarter of 2023 (Q1 2023) by trading agricultural goods worth N751.03 billion.
This information was disclosed in the document titled "Foreign Trade in Goods Statistics Q1 2023," specifically in the section called "Exports and Imports Products Classified by Sectors Q1, 2023," which was obtained by The Nation.
According to the provided document, the value of exported agricultural goods during the reviewed period amounted to N279.64 billion, while the total value of imported goods reached N471.39 billion. The National Bureau of Statistics (NBS) reported that the agricultural goods sector recorded a total trade value of N751.03 billion in Q1 2023, with exports accounting for N279.64 billion.
The value of agricultural goods exports experienced a significant increase, rising by 63.92% compared to the value recorded in Q4 2022 (N170.59 billion), and by 38.72% compared to Q1 2022 (N201.59 billion).
According to the report, the majority of agricultural products were exported to Asia during this quarter, with a total value of N172.90 billion. Europe followed closely with N85 billion in agricultural product exports.
The report further highlighted that the export of agricultural products was mainly led by superior quality cocoa beans, valued at N84.75 billion. Sesamum seeds ranked second with a value of N67.66 billion, while 'Cashew nuts in shell' accounted for N27.18 billion in exports.
Based on the data, the exports of superior quality cocoa beans were directed towards The Netherlands and Malaysia, with values of N28.51 billion and N25.25 billion, respectively.
Additionally, the document revealed that Sesamum seeds valued at N21.88 billion and N20.28 billion were exported to China and Japan, respectively. Furthermore, cashew nuts in a shell were exported with a value of N15.13 billion to the Socialist Republic of Vietnam and N10.20 billion to India.
The National Bureau of Statistics (NBS) reported that agricultural goods imports in Q1 2023 amounted to N471.39 billion, accounting for 8.48% of total imports during the same period.
Compared to the previous quarters, this represented an increase of 5.97% from the value recorded in Q4 2022 (N444.82 billion) and a 6.32% increase from Q1 2022 (N443.36 billion).
Among the major agricultural goods imported in Q1 2023, Durum wheat (not in seeds) accounted for N53.57 billion from Canada and N47.34 billion from Latvia. Additionally, frozen Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus) meat imported from Chile was valued at N8.10 billion.
According to the report, the Solid Minerals Sector witnessed a total trade value of ?70.85 billion in Q1 2023, accounting for 0.59% of the overall trade during the period. The exports of solid minerals amounted to ?26.02 billion.
This reflected a notable increase of 23.73% compared to the value recorded in Q4 2022 (?21.03 billion), and a significant rise of 32.17% compared to the corresponding quarter of 2022 (?19.69 billion).
The report highlighted that the major solid mineral goods exported were 'Tin ores and concentrates' to Malaysia, valued at ?9.14 billion. Additionally, 'Other excluding White cement' worth ?5.79 billion was exported to Niger.
In contrast, the report highlighted that solid mineral imports were primarily dominated by 'Plaster' imported from Turkey, valued at ?9.60 billion, and Egypt with a value of ?3.35 billion. Other products imported in this category included 'Gypsum; anhydrite' from Spain (?6.05 billion) and Egypt (?1.63 billion).
Furthermore, the National Bureau of Statistics (NBS) disclosed that the value of manufactured goods traded in Q1 2023 amounted to ?2,527.37 billion, accounting for 20.98% of the total trade.
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