According to the Nigerian Bureau of Statistics, monetary value of agriculture import recorded in the fourth quarter of 2020 stood at N532.4 billion, as the export ended the quarter at N55.77 billion.
According to NBS, the value of imported agricultural goods rose by 5.75% to N532.39 billion in Q4, 2020, from N503.4 billion in Q3, 2020.
On the other hand, the value of exported agricultural goods dropped to N55.77 billion in Q4, 2020 from N60.63 billion in Q3, 2020. This represents an 8% drop.
The report stated, “The value of total trade in agricultural goods in Q4, 2020 stood at N588.2 billion representing 6.45% of total trade in Q4, 2020.
“Export of agricultural goods was valued at N55.8 billion or 1.75% of total exports in Q4 2020. Compared to N60.6 billion recorded in Q3 2020, the value of agricultural exports fell by 8% and by 18.2% when compared to the corresponding quarter in 2019.
“During the quarter, most agricultural products were exported to Asia (valued at N43.4 billion) and Europe (valued at N9.4 billion).”
The report added that the export of agricultural products was dominated by sesame seeds, which was valued at N27.3 billion, followed by fermented cocoa beans (valued at N6.7 billion) and sesamum oil and fractions (N4.4 billion).Follow us on social media