The National Bureau Of Statistics (NBS) has reported a negative revenue period for the agricultural sector of the economy as the revenue generated dropped by 5.93 per cent to N973.69bn in the second quarter of 2024.
The NBS ‘Foreign Trade in goods statistics’ report said the total value of trade in agricultural goods in Q2, 2024 stood at ₦1.87tn of which exports were valued at ₦973.69 billion In the period under review representing a 52.14 per cent trade strength.
Every quarter, the statistics hub said agric exports decreased by 5.93 per cent over the value recorded in Q1, 2024 at N1.04tn but increased by 246.67 per cent compared to the value recorded in Q2, 2023 which stood at N280.87bn.
The report said Nigeria exported the most goods to Asia and was valued at N592.99bn.
Subsequently, exports to Europe topped the second place at N310.26bn
In terms of goods exported BUSHLINK reports that Superior quality cocoa beans dominated the period under review by N268.92bn value accompanied by Cashew nuts In shell’ valued at ₦209.8n.
However Standard quality cocoa beans were not exempted as it raked a N107.27bn for the economy.
Further analysis showed that ‘Superior quality cocoa beans’ worth N131.24bn and N108.17bn were exported to Malaysia and the Netherlands respectively.
While cashew nuts In shell, worth N157.40bn and N48.06bn were exported to Vietnam, Soc Republic and India respectively.
Also, standard-quality cocoa beans worth N36.53 billion and N22.92 billion were exported to Malaysia and Turkey, respectively in the period under review.
On the other hand, total imports of agricultural goods in Q2, 2024 stood at N893.25bn a decrease of 2.96 per cent when compared to the value recorded in
Q1, 2024 at N920.54bn.
However when compared to the value recorded in Q2, 2023 N454.85bn import by 96.38 per cent.
The major agriculture goods imported in Q2, 2024 included ‘Durum wheat’ from Poland valued at N155.32 bn and Lithuania at N76.89bn.
This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen from Faroe Islands valued at N31.78bn.
BUSHLINK had reported that N19.4tn was realized as revenue from the exports of cocoa beans, crude oil, and gas, amongst others in the second quarter of 2024.