Thursday, July 29, 2021

Nigeria records N3.9tn Agric trade deficit in four years



Nigeria’s imports of agricultural goods between January 2017 and March 2021 surpassed its exports in the period by N3.9tn..

The total value of trade in agricultural goods in the period under review was N6.2tn, comprising N5.04tn imports and N1.14tn exports, with a trade deficit of N3.9tn.

These figures were arrived at after an analysis of foreign trade data obtained from the website of the National Bureau of Statistics.

In 2017, Nigeria generated N125.88bn from the export of agricultural goods and spent N891.87bn on imports.

Nigeria’s agriculture exports in 2017 comprised largely sesamum seeds, cashew nuts, soya beans, and ginger, which were exported to China, India, Russia and Greece, among others.

The import bill was dominated by durum wheat seeds, maize seed, and crude palm oil, which were imported from the United States, Canada, Australia, and Ghana.