Nigeria Records Agricultural Trade Deficit

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CEM REPORT, TRADE | Nigeria recorded an agricultural negative trade balance of N564.4 billion between January to June of 2022.

This is as the sector exported products valued at N343.4 billion while importing agricultural products worth N907.8 billion in the first half of 2022 (H1’22).

This indicates the nation despite huge investments by the federal government in the agricultural sector the country continues to deal with recurrent trade deficits.

According to the report of the National Bureau of Statistics (NBS), agricultural export increased by 61.9% when compared to N212.1 billion recorded in the closing half of 2021.

The recorded N343.4 billion in H1’22 is also a 17.3% increase from N292.8 billion recorded in the corresponding period of  2021.

Although imports declined by 21% from N1.15 trillion recorded in the second half of 2021 to N907.8 billion in 2022. However it is an increase of 11% compared to the N817.52 billion recorded in the corresponding period of 2021,

Top products exported in the review period include;

Cocoa pulled in a total value of N114.1 billion between January to June of the year accounting for 0.8% of the total exports recorded.

A further breakdown of the NBS report showed that Nigeria exported standard quality cocoa worth N18.43 billion in the review period, while superior quality cocoa exports were stated at N95.11 billion.

Sesame seeds export in the review period stood at N81.49 billion, representing 0.6% of Nigeria’s export in the first half of the year.

It is also worth noting that Nigeria exported sesame oil and its fraction worth N638 million in the same period under review.

Nigeria has been one of the highest sesame seed-producing countries over the years, making the seed an important component of the country’s agricultural export.

Nigeria earned a sum of N67.39 billion from the exportation of cashew nuts between January and June 2022. This accounts for 0.5% of the total export recorded.

Desiccated Coconuts exported in the review period stood at N13.86 billion. This results in 0.1% of the total export value recorded.

Coconut is a cash crop that is grown in 22 of Nigeria’s 36 states and its production is limited to the southwestern part of the country, with Lagos State having the largest production area.

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Ginger stands fifth on the list with an export value of N12.63 in the review period, which accounted for 0.1% of N14.51 trillion Recorded. According to FAO and quoted by the Nigerian Export Promotion Council (NEPC), Nigeria accounts for 40% of the global ginger production, producing almost 523,000 metric tonnes annually.

Others include

Cocoa butter – N8.79 billion
Frozen foods – N8.11 billion
Plants – N6.47 billion
Palm nuts and Kernels – N3.72 billion
Brazil buts – N2.89 billion

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