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  • Nigeria records N323.4bn agric trade in three months

    Oct 11th, 2019

    The total foreign trade of agricultural goods recorded in the country amounted to N323.4bn between April and June 2019. N73.5bn or 22.7 per cent of this figure was exported while N249.95bn was the import value, according to figures obtained from the National Bureau of Statistics.

    It stated that, “During the quarter, total trade in agricultural goods stood at N323.4bn out of which exported agricultural goods accounted for N73.5bn or 22.7 per cent. “The value of agricultural exports was 14.66 per cent lower than in Q1, 2019 and 14.48 per cent lower than in Q2 2018. By economic region, agricultural goods were exported mainly to Asia and Europe, valued at N49.2bn and N18bn respectively.

     “The dominant agricultural products were sesamum seeds mainly exported to Japan (N5.9bn), Turkey (N4.8bn) and China (N2.8bn). “Other major drivers of agricultural exports were cashew nuts in shell, mainly exported to Vietnam (N12.7bn) and India (N4.2bn), as well as good fermented Nigerian cocoa beans exported to the Netherlands and Germany, valued at N3.3bn and N2.7bn respectively.”

    In terms of imports, agricultural products accounted for N249.95bn or 77.3 per cent of total agricultural trade in Q2, 2019. The major product was durum wheat (not in seeds) imported mainly from the United States and Canada, worth N30.7bn and N12.6bn respectively. Other drivers were durum wheat (in seeds) also imported from the United States and Canada respectively valued at N36.7bn and N8.7bn, as well as mackerel imported from Japan and the Netherlands, valued at N8.5bn and N3.1bn respectively. The NBS also revealed that the value of trade in solid mineral goods stood at N36.7bn in Q2, 2019.

    Solid mineral exports amounted to N7.6bn while imported solid mineral goods contributed N29.1bn. The major products exported in this sector were cement which was exported to Niger Republic and Togo, respectively valued at N2.9bn and N1.3bn. This was followed by lead ores and concentrates exported to China and valued at N1.8bn. In terms of imports, leaded gasoline sludges and leaded anti-knock compound sludges worth N6.95bn were imported from Saudi Arabia, Plasters of Calcined gypsum valued at N4.1bn was imported from Turkey and crude salt worth N3.4bn was imported from Brazil.