FG spent N1.3tn on agriculture imports in six months – NBS

The total value of trade in agricultural goods stood at N1.5tn, in the first two quarters of the year, according to data from the National Bureau of Statistics, (NBS).

Imports accounted for N1.3tn of total trade in the sector while exports stood at N292.5bn within the period. This resulted in a trade deficit of N1.07tn in the agriculture sector.

Top imported agricultural products during the period under review included Durum wheat, mackerel, Herrings, edible mixtures, crude palm oil and malt, imported from countries such as Canada, Lithuania, Denmark, Russia, Netherlands and France.

In the first quarter (Q1) of the year, total trade in the sector stood at N757.4bn. Out of this amount, only N127.2bn was earned as exports while N630.2bn was spent on importing agricultural products.

In quarter one, the NBS said, “Top exported agricultural products were Sesamum seeds exported mainly to China (valued at N23.1bn), Japan (N8.3bn) and Turkey (N3bn). “This was followed by good fermented cocoa beans exported to the Netherlands (N9.2bn), Malaysia (N5.5bn) and the United States (N3.2bn).”