Nigeria’s agricultural exports increase by 0.4% to N280.87 billion in the second quarter of 2023- The value of agricultural goods exports in the second quarter of 2023 increased by 0.44 percent to N280.87 billion, compared to N279.64 billion in Q1 2023, but was 98.1 percent higher than the N141.77 billion recorded in the second quarter of 2022.
According to the latest Foreign Trade in Goods Statistics Q2 2023 report from the National Bureau of Statistics (NBS), the country’s foreign trade increased by 5.8 percent to N12.74 trillion during the period under review.
In the second quarter of 2023, total trade in agricultural commodities amounted to N735.72 billion, of which exports were valued at N280.87 billion (38%), and imports remained high despite a decline during the period, standing at N454.85 billion (62%).
During this quarter, most agricultural products were exported to Asia, valued at N202.61 billion, followed by Europe with N55.52 billion.
The export of agricultural products was dominated by ‘Cashew nuts Shelled’ with a value of N57.79 billion, followed by ‘Cashew nuts in shell’ with a value of N55.02 billion, and then ‘Sesamum seeds’ with a value of N38.20 billion.
By direction of trade, ‘Cashew kernels Shelled’ worth N52.53 billion were exported to Vietnam and N4.05 billion were exported to India. ‘Cashew kernels in shell’ valued at N34.72 billion and N18.83 billion were exported to Vietnam and India, respectively, followed by ‘Sesamum seeds’ valued at N13.39 billion and N5.55 billion exported to Japan and China, respectively.
In terms of imports, N454.85 billion represented 7.94% of total imports in Q2 2023, a decrease of 3.5% compared to the value recorded in Q1 2023 (N471.39 billion) and by 2.15% compared to the value recorded in Q2 2022 (N464.45 billion).
The leading agricultural imports during the second quarter of 2023 were ‘Durum wheat (not in seeds)’ from Poland at N44.80 billion and ‘Durum wheat’ from Lithuania at N41.20 billion. This was followed by “Fractions of Palm oil and its fractions, unfit for human consumption,” valued at N19.60 billion and shipped from Malaysia.
Nigeria’s agricultural sector, which contributes nearly one-quarter of the country’s gross domestic product (GDP) and employs two-thirds of the labour force, has the potential to generate $40 billion in exports, according to estimates by experts. However, limited access to electricity and other technologies impedes the nation’s export opportunities, which are further constrained by stringent export procedures.