The National Bureau of Statistics (NBS) disclosed in its latest Foreign Trade Statistics Report that superior-quality cocoa beans topped Nigeria’s agricultural exports in the fourth quarter of 2022.
The report stated that the export of agricultural products was dominated by superior quality cocoa beans valued at N74.65 billion, followed by sesamum seeds valued at N38.56 billion and standard quality cocoa beans valued at N14.16 billion.
More details: Other major traded agricultural goods include- soybean seed, soybeans excluding seeds, cashew nuts in shell, other frozen shrimps and prawns, flowers/flower buds as well as natural cocoa butter and shelled cashew nuts. All these products earned between N4 billion and N6 billion.
Agricultural products that earned less than N4 billion include – crushed or ground ginger, frozen rock lobster and other sea crawfish, frozen lobsters, ginger (not crushed or ground), crude shea oil, groundnuts in shells used for manufacturing oil, other quality cocoa beans, flour and powder of cassava roots or tubers, plants used in the perfumery, pharmacy or insecticidal, and palm nuts/kernels.
Total trade in agricultural products: According to the report, the value of total trade in agricultural goods in Q4 2022 stood at N615.42 billion. Meanwhile, exports were valued at N170.59 billion during the period highlighted.
Agricultural product exports increased by 102.59% from the Q3 2022 value of ₦84.21 billion and by 28.54% from the Q4 2021 value of ₦132.71 billion.
Export locations: Most of the agricultural products were exported to Europe, valued at N81.0 billion, followed by Asia at N80.21 billion valuation. Meanwhile, superior quality cocoa beans worth N43.91 billion were exported to the Netherlands and the same commodity worth N10.94 billion was exported to Malaysia.
Sesamum seeds worth N19.60 billion were exported to China and the same commodity worth N4.93 billion was exported to Japan. Standard-quality cocoa beans worth N3.91 billion were exported to the Netherlands and the same commodity worth N3.87 billion was exported to Malaysia.
What you should know: The total imports of agricultural goods in the fourth quarter of 2022 stood at N444.82 billion, which is 8.29% of total imports in the period highlighted. The major agriculture goods imported in Q4 2022, were;
- Durum wheat (not in seeds) from Latvia is worth N46.28 billion and the same commodity from Lithuania is worth N41.54 billion.
- Fractions of palm oil (not for human consumption) from Malaysia valued at N43.27 billion.