A total of N261.4 billion worth of agricultural goods came into Nigeria in the first quarter of 2020 while N126.3 billion worth went out thereby putting the total trade in commodities at N387 billion and representing 4.67 percent of total N8.304 trillion foreign trade for the period.
National Bureau of Statistics (NBS) in its latest report on foreign trade noted that the highest figure of imports came from Europe with N125.2 billion representing 47.9 percent and trailed by America with N5.2 billion goods while N40 billion worth was from Asia representing 32.6 percent and 15.3 percent respectively.
“The major products imported during the quarter were Durum wheat (not in seeds). This was imported from the United States, Latvia, Canada, and Argentina valued at N25.9 billion, N22.6billion, N15.2 billion, and N13.98billion respectively.”
Furthermore, Durum wheat (seed) was imported from the United States (valued at N8.95billion), Russia (N5.9billion), and Lithuania (N5.5billion).
export for this period shows Asia and Europe got higher commodities with the value set at N66.9billion or 52.98 percent and N52.7billion or 41.68 percent respectively.
Adjudging from the report, the key drivers of agricultural products exports were Sesamum seeds whether or not broken (N49.1billion), Good fermented Nigerian Cocoa beans (N35.2billion), and Superior quality cocoa beans (N16.8billion).
Sesamum seeds worth N9.8billion, N9.5 billion, and N9.3billion were exported to Japan, Turkey, and China respectively, while the Netherlands got N16.5 billion worth and Germany, N6.6 billion of Well fermented cocoa beans.
Also, Superior raw Cocoa beans were also exported mainly to The Netherlands at a value of N11.2billion.