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Nigeria's agricultural import value rises by 16%
The value of Nigeria's total foreign trade in goods increased in the second quarter of 2017 by 7.7 per cent compared to the N5.3 billion recorded for the first quarter, with agriculture seeing strong growth as well.
This was revealed in a National Bureau of Statistics, NBS report, released Wednesday morning.
"The value of Imported Agricultural goods was 16.01 per cent higher than the value recorded in Q1, 2017 but 61.02 per cent higher than Q 2 2016."
"Agricultural goods export value was -1.03 per cent lower than quarter one but 94.05 per cent higher than the second quarter of 2016," the report told.
The report showed that agricultural goods contributed 4.60 per cent of total trade with a total value of N261.92 billion. Major traded agricultural products include cashew nuts, sesame seeds, soya beans and ginger among others.
As for exports, Agriculture accounted for 0.96 per cent of total exports valued at N29.71 billion while agricultural imports accounted for 8.85 per cent of total imports valued at N232.1billion in the quarter under review.
The report showed that the total trade was about 37.3 percent higher than the value of trade in the second quarter of 2016 valued at N4.15 trillion.
1 N = 0.0028 USD
Publication date: 9/18/2017
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