June 15, (THEWILL) – Despite the trade surplus posted in the first quarter (Q1 2025), Nigeria’s agricultural sector recorded mixed fortunes during the period.
A report by the National Bureau of Statistics (NBS) showed that the value of agricultural goods imported in Q1 2025 stood at ₦1.03 trillion, representing a 12.52 percent increase, compared to ₦920.54 billion recorded in Q1 2024, and a 5.02 percent decline relative to ₦1,090.55 billion in Q4 2024.
Nigerians in agriculture and agribusiness have been battling with insecurity, poor road network and high cost of business in their undertakings as the government frowns at importation of agricultural products.
Exports of agricultural goods in the period under review amounted to ₦1.70 trillion representing a 64.65 percent rise from ₦1,035.02 billion in Q1 2024 and a 10.63 percent increase from ₦1,540.46 billion in Q4, 2024.
The total value of trade in agricultural goods in Q1, 2025 stood at ₦2.73 trillion, of which value of exports stood at ₦1.70 trillion. The value of agricultural goods exports increased by 64.65 percent, compared to the value recorded in Q1, 2024 (₦1,03 trillion) and also increased by 10.63 percent over the value recorded in Q4, 2024 (₦1.54 trillion).
This was dominated by ‘Standard quality Cocoa beans’ valued at ₦719.91 billion, ‘Superior quality Cocoa beans,’ with ₦508.27 billion and ‘Cashew nuts In shell’ with ₦157.63 billion, ‘Sesamum seeds’ valued at ₦128.18 billion, and ‘Natural cocoa butter’ with ₦80.05 billion.
The data showed that agricultural products were mainly exported to Europe at ₦1.12 trillion, followed by exports to Asia, valued at ₦431.15 billion. Further analysis showed that ‘Standard quality Cocoa beans’ worth ₦344.17 billion and
₦203.17 billion were exported to The Netherlands and Belgium, respectively.
Similarly, ‘Superior quality Cocoa beans,’ worth ₦265.35 billion and ₦92.07 billion were exported to the Netherlands and Belgium, respectively. While ‘Cashew nuts In shell’ worth ₦87.56 billion and ₦69.74 billion were exported to India and Vietnam, respectively.
On the other hand, total imports of agricultural goods in Q1, 2025 stood at ₦1.03 trillion or 6.71 percent of total imports. This represents a rise of 12.52 percent when compared to the value recorded in Q1, 2024 (₦920.54 billion), but decreases by
5.02 percent, compared to the value recorded in Q4, 2024 (₦1.09 trillion).
Nigeria recorded a positive trade balance in Q1 2025, as total exports outweighed imports, according to NBS. Total merchandise trade in the quarter stood at N36.02 trillion, marking a 6.19 percent increase compared to Q1 2024, although slightly down by 1.58 percent from the previous quarter (Q4 2024).
Exports rose to N20.60 trillion, reflecting a 7.42 percent year-on-year (YoY) growth and a 2.92 percent quarter-on-quarter increase.
Exports accounted for 57.18 percent of total trade, with crude oil exports contributing N12.96 trillion (62.89 percent). Non-crude oil exports stood at N7.64 trillion, while non-oil products accounted for N3.17 trillion or 15.38 percent of total exports.
Imports declined by 7.02 percent from N16.59 trillion to N15.43 trillion, though still 4.59 percent higher YoY, compared to Q1 2024. Top import partners included China, India, the United States, the Netherlands, and the UAE. The main imported commodities were gas oil, premium motor spirit (petrol), crude petroleum oils, cane sugar, and durum wheat.
Top export destinations were India, the Netherlands, the U.S., France, and Spain. Key exported products included crude oil, liquefied natural gas, petroleum gases, urea, and cocoa beans. With exports surpassing imports by N5.17 trillion, Nigeria posted a trade surplus, highlighting continued reliance on crude oil exports and a modest expansion in non-oil trade.
Analysts believe that Nigeria’s Q1 2025 trade surplus signals a resilient export performance driven by strong crude oil sales and moderate growth in non-oil exports. The drop in imports suggests reduced domestic demand or improved local sourcing.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
