How Nigeria spent N6.7trn on agric imports in five years – NBS

Bisola David
Bisola David
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Figures from the National Bureau of Statistic shows that Nigeria spent N6.7 trillion in total over five years on the importation of agricultural goods.

According to Nairametrics, this amounts to 7.6% of the N89.2 trillion in imports that were documented over the previous five years.

Although government policies toward agriculture have changed throughout the years, the nation still significantly depends on imports to meet its domestic food consumption.

According to the data, rather than decreasing, reliance on agricultural imports has increased significantly since 2019.

The most popular agricultural commodities traded include durum wheat and palm oil. In 2022 alone, imports of drum wheat totaled N792 billion, or 42% of all agricultural imports. A popular meal in Nigeria is durum wheat, a spring wheat variety frequently crushed into semolina and used to make pasta, couscous, bulgur, noodles, and bread.

Imports of agricultural goods totaled N851.6 billion in 2018. In 2019, it rose by 12.6% to N959.5 billion, reflecting a rise. Agriculture imports increased further in 2020, reaching N1.145 trillion, a 19.4% increase from the previous year.

The number of agricultural imports in 2021 increased significantly from the previous year to N1.96 trillion, making it 71.6%.

The total amount of imported goods in 2022 was N1.86 trillion, or 7.9% of all imported goods, a little decrease from the average of 9% reported in 2021 and 2020. The N1.86 trillion recorded for the year also reflects a modest decline from the prior year or a 5.1% reduction.

Agriculture exports had a value of N302.2 billion in 2018, but that figure dropped to N269.8 billion in 2019, a 10.7% decline. The value of agricultural exports increased to N321.5 billion in 2020, an 18.3% rise from the previous year.

The value of agricultural exports increased significantly in 2021, reaching N504.8 billion, a 56.8% rise from the previous year. Several causes could explain this substantial growth, including the rise in demand for Nigerian agricultural products in the international market, favorable exchange rates, or improved government policies.

Moreover, agricultural exports rose again in 2022, reaching N598.1 billion, an 18.4% increase from the year before.

When agricultural import and export data were compared, it became clear that throughout the years under consideration, Nigeria imported more agricultural goods than it exported.

A trade imbalance occurs when Nigeria pays more for imports than it makes from exports, which results in a net outflow of foreign exchange from Nigeria to other nations. The economy of the nation may suffer several negative repercussions as a result.

The figures also indicate that the country’s dependence on imports has not significantly decreased over the years despite central bank initiatives meant to stimulate domestic agriculture production.

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