Nigeria’s N343.4bn Tops Agricultural Exports In H1

Nigeria topped the list of African countries’ exportation in the Agriculture sector in the first half of 2022.

The exported agricultural goods were worth N343.4 billion in the first half of the year, an increase of 17.3%/ from N292.8 billion recorded in the corresponding period of 2021

It is, however, a rise of 61.9% compared to N212.1 billion recorded in the second half of 2021. This is according to a breakdown in the foreign trade report released by the National Bureau of Statistics (NBS).

On the other hand, Nigeria imported agricultural goods worth N907.8 billion in H1 2022. This represents an increase of 11% compared to the N817.52 billion recorded in the corresponding period of 2021, while it declined by 21% from N1.15 trillion recorded in the second half of 2021.

This implies that Nigeria recorded an agricultural negative trade balance of N564.4 billion, indicating that Nigeria continues to deal with recurrent trade deficits in terms of its agricultural trade. This is despite huge investments by the federal government in the Agricultural sector.

Meanwhile, cocoa beans, Sesame seeds, and cashew nuts topped the list of agricultural goods that Nigeria exported during the period, earning Nigerians an aggregate sum of N262.99 billion.