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Nigeria’s Agricultural Exports Plunge 21.68% Despite Diversification Efforts

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Nigeria Agricultural Export

CEM REPORT, AGRIFOOD | Despite the clamour to diversify the nation’s economy and the investment in agriculture, Nigeria total trade in agricultural goods dipped by 21.68 per cent in the third quarter of 2023.

The total value of Nigeria’s trade in agricultural goods in Q3, 2023 stood at ₦863.67 billion of which exports were valued at ₦219.99 billion a decrease from ₦280.87 billion recorded the Q2, 2023.

According to the National Bureau of Statistics (NBS) report on Nigeria’s Foreign Trade in Goods, for the third quarter of 2023, total trade stood at ₦18.8 trillion which exports contributed ₦10.3 billion and imports amounting to ₦8,457.68 billion.

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According to the data, Asia demanded most of Nigeria’s agricultural products in the review quarter to the tune of ₦122.51 billion, followed by Europe with ₦60.03 billion.

Superior Quality Cocoa Beans topped the export list valued at ₦42.24 billion. Other cut flowers & flower buds of kind suitable ornamental purposes fresh, dried, and dyed, followed with ₦36.32 billion and Sesamum seeds with ₦23.22 billion.

“Superior quality Cocoa beans’ worth ₦15.12 billion and ₦12.14 billion were exported to Indonesia and the Netherlands, respectively while ‘Other cut flowers & flower buds of kind suitable ornamental purposes fresh, dried, dyed,’ worth ₦11.85 billion and ₦8.31 billion were exported to Mexico and China respectively. Whereas ‘Sesamum seeds’ worth ₦4.85 billion and ₦4.17 billion were exported to Japan and Turkey, respectively.”

Inversely, total imports of agricultural goods in Q3, 2023 stood at ₦643.68 billion resulting in 7.61 per cent of total imports, indicative of an increase of 41.51 per cent when compared to the ₦454.85 billion recorded in Q2, 2023 and by 25.50 per cent when compared to ₦512.91 billion recorded in Q3, 2022.

Agricultural product- Sesame export from Nigeria

Sesamum seeds’ worth ₦4.85 billion and ₦4.17 billion were exported to Japan and Turkey, respectively.

“The major agriculture goods imported in Q3, 2023 included ‘Durum wheat (not in seeds)’ from Poland with ₦90.46 billion and Canada with ₦73.03 billion. This was followed by ‘Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus) meat, frozen.’ from Faroe Islands valued at ₦16.35 billion.”

Non Agricultural Export

Furthermore, manufactured goods traded in Q3, 2023 stood at ₦4,156.99 billion representing 22.11% per cent of total trade. Of this, the export component stood at ₦200.19 billion.

The NBS data revealed that manufactured goods exports by region were mainly exported to Asia at ₦81.75 billion, followed by exports to Africa valued at ₦74.43 billion and to Europe valued at ₦22.59 billion.

“The major export in this sector was ‘Unwrought aluminum alloys’ exported to Japan in values worth ₦27.49 billion. This was followed by ‘Oilcake and other solid residues, resulting from the extraction of soyabean oil.’ valued at ₦8.80 billion and ₦6.65 billion to Pakistan and Ivory Coast respectively and ‘Cathodes and sections of cathodes’ exported to Japan valued at ₦8.64 billion.”

[READ ALSO] Nigeria’s Trade Booms: Exports and Imports Surge in Q3 2023

Manufactured goods mainly imported were ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ from the United States and United Arab Emirates valued at ₦144.77 billion, ₦4.68 billion, respectively. This was followed by ‘Machines for reception, conversion and transmission of voice, images or data.’ imported from China valued at ₦68.11 billion.

“Other goods imported in this category were ‘Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, CKD.’ from India with ₦61.93 billion and ‘Parts of other gas turbines not specified’ from Italy with ₦36.69 billion.”

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