Agricultural Products traded surge by N169.2 billion in Q1, 2021

…As Nigeria records 127% growth in exported agricultural products

In the midst of the economic challenges due Covid-19 pandemic, the value of Nigeria agricultural products traded have continued to surge by N169.2 billion in the first quarter of year 2021. This is six times more than N24.27 billion increases realized between the period of Q1 and Q2, 2020. The value increased from N588.2 billion recorded in Q4, 2020 to N757.4 billion recorded in Q1, 2021 as revealed by the National Bureau of Statistics (NBS) most recent report on trade.

Further critical analysis of the value realized from agricultural products traded during the period under review, export component of the traded products accounted for N127.2 billion, representing 16.79% of the total products traded and on the other hand, import components accounted for N630.2 billion which is equivalent to 83.21% of the total value of traded agricultural produced. 

In comparison with value recorded in the last quarter of year 2020, the value of exported products in Q1, 2021 is more than double of the value achieved in Q4, 2020. A total of N55.8 billion was realized in Q4, 2020 from the exportation of agricultural produces, while a total of N127.2 billion was recorded in Q1,2021.  This implies a growth of 127.96% in agricultural products exported.  It also means that more Nigerians were involved in agribusiness and exportation of their produces, which also accounts for more foreign exchange into the country.

 On the other hand, imported agricultural products saw its value notch up by N97.8 billion from N532.4 billion in the Q4,2020 to N630.2 billion in Q1,2021. This represents a growth rate of 18.37%, which is insignificant when compared with growth of 127.96% recorded in exported agricultural products. This further implies that more attention should be given to export products by increasing production to increase foreign exchange earnings of the country.

MSMEsToday gathered from the report that more of the traded agricultural products went to Asia. It was gathered that 67.59% of the traded agricultural products traded during the period under review went to Asia which was valued at N85.99 billion. When compared with value of N43.4 billion realized in Q4, 2020 from traded products to Asia, this indicates an increase of N42.49 billion or 98.13%.  Europe being the next continent, agricultural traded products value increased by 223.59% from N9.37 billion in Q4,2020 to N30.32 billion in the Q1, 2021. Agricultural products worth N7.72 billion was traded to America, which is five times higher than the value of N1.77 billion realised in Q4,2020 from the same continent. N2.77 billion to Africa and N0.37 billion to Oceania.

 Top exported Agricultural products were Sesames seeds exported mainly to China (valued at N23.1 billion), Japan (N8.3billion) and Turkey (N3billion). This was followed by good fermented cocoa beans exported to the Netherlands (N9.2billion), Malaysia (N5.5billion) and the United States (N3.2 billion). 

Other major exports under this sector includes Cashew nuts in shell exported to Vietnam and India worth, N5.3billion N5.1 billion respectively. However, there was importation of Durum wheat (not in seed) worth N66.97 billion from Lithuania. Durum wheat also came from Latvia (N41.51 billion), Canada (N41.31billion) etc. Edible mixtures or preparation of animal, worth N82.86billion, was imported from Denmark. Herrings (Clupea haregus, Clupea pallasii) was imported from Russia (N15.8billion) and Netherlands (N14billion).

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