Nigeria Imports N512bn Of Agricultural Produce In Q3, 2022

The value of agricultural imports in Nigeria has increased to N512.91bn, the National Bureau of Statistics (NBS) has disclosed.

The NBS in a report released yesterday stated that the figure was an increase of 10.44 per cent when compared to the value recorded in the second quarter of 2022 (N464.45bn) and increase of 6.37 per cent when compared to the value recorded in the corresponding quarter of 2021 (N482.21billion).

On the other hand, the value of agricultural goods exported was N84.21bn which it said was sharp decline of (-40.60 per cent) when compared to the value recorded in Q2, 2022 (N141.77bn) but an increase of 6.03 per cent when compared to the value recorded in Q3, 2021 (N79.41 billion).

Economic Confidential reports that the rise in importation of agricultural produce can be connected to the recent flooding experienced in the country which wreaked havoc on farmlands; stoking fears of food scarcity next year as farm produce was washed away.

This is just as the bureau stated that the total foreign trade of Nigeria also dropped in the third quarter of 2022 standing at N11,597trn.

It said the figure was lower than the value recorded in the second quarter of 2022 which was N12,841trn but was higher than the value recorded in the third quarter of 2021 which stood at N10,472trn.

The report added that the total exports during the period was N5,933trn with re-exports valued at N25bn while total imports were N5,664trn.

“In the quarter under review, total exports declined by 19.89 per cent when compared to the second quarter of 2022 (N7,406trn) but it increased by 15.52 per cent of the value recorded in the third quarter of 2021 (N5,136trn). On the other hand, total imports increased by 4.22 per cent in the third quarter of 2022 when compared to the value recorded in the second quarter of 2022 (N5,435trn) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5,335trn).

It added that the commodity with the largest export values in the period under review was petroleum oils and oils obtained from bituminous minerals, crude with N4,658trn representing 78.51 per cent, followed by natural gas, liquefied with N757.36bn accounting for 12.76 per cent, and urea, whether or not in aqueous solution, with N133.17bn or 2.24 per cent of total exports.

“The commodities with the largest values among the top imported products were motor spirit ordinary (N1,199trn), gas oil (N261.60bn), and durum wheat (N252.62bn).