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Nigeria’s agricultural imports exceed exports by N443.35bn

Nigeria’s agricultural imports exceed exports by N443.35bn

The value of agricultural goods imported into the country exceeded exports by N443.35 billion in the first quarter of 2022 amid rising security challenges that have continued to affect the fortunes of the sector.

Data obtained from the National Bureau of Statistics (NBS) revealed that the value of total trade in agricultural goods in Q1, 2022 stood at N644.94 billion of which exports were valued at N201.59 billion.

NBS data showed that exports of agricultural goods increased by 51.89 per cent and 58.35 per cent when compared to the value recorded in the fourth quarter of 2021, was stood at N132.71 billion and the first quarter of 2021, which was N127.31 billion.

In the first quarter of 2022, agricultural products exported to Asia were valued at N101.99 billion followed by Europe with N27.49 billion.

Nigeria’s major agricultural exports include superior quality cocoa beans (N72.59 billion), sesamum seeds (N56.45 billion), and standard quality cocoa beans (N13.21 billon).

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