There are signs that the agriculture sector is still underperforming despite the numerous government initiatives and financial assistance programs that have been provided over the years.
According to a study by the National Bureau of Statistics, or NBS, agricultural imports were N443.36 billion in the first quarter of 2022 (Q1’22), which was a 120 percent increase over agricultural exports (N201.59 billion).
The United States and Argentina were the top importers of agricultural products in Q1 2022, with N71.56 billion and N59.04 billion, respectively, for durum wheat (not in seeds). Crude palm oil worth N13.52 billion from China and Malaysia came next.
The value of agricultural imports decreased by 33.5% on a quarter-over-quarter (QoQ) basis to N443.36 billion in Q1’22 from N667.16 billion in Q4’21, according to the NBS’s “Foreign Trade in Goods” report for Q1 ’22.
Nonetheless, the value of agricultural exports rose from N132.71 billion in Q4 of 21 to N201.59 billion in Q1 of 22—a 51.9% QoQ rise.
The value of all agricultural items traded decreased 19% from Q4 of 2021 to Q1 of 2022, from N799.87 billion to N644.94 billion.
The value of all agricultural items traded in Q1 of 2022 was N 644.94 billion, of which N201.59 billion came from exports, according to NBS.
“Compared to the value recorded in Q4’21 (N132.71 billion) and Q1’21 (N127.31 billion), respectively, exports of agricultural goods increased by 51.8% and 58.3%.”In contrast, the total amount of agricultural items imported in Q1’22 was N443.36 billion, or 7.51% of all imports.
“This demonstrated an 8.39% increase in comparison to the value recorded in Q1’21 (N409.03 billion) and a 33.55% decrease in comparison to the value recorded in Q4’21 (N667.16 billion).”
To increase food production and security in the nation, the federal government has implemented a number of agricultural initiatives. Among these were the National Accelerated Food Production Program (NAFPP) 1972–1973; Operation Feed the Nation (OFN) 1976–1980; Green Revolution Program (GRP) 1981–1983; Go Back to Land Program 1983–1985; the National Special Programme for Food Security (NSPFS) 2003; the National Food Sector Plan (NFSP); Agriculture Transformation Agenda (ATA) 2011; and the Anchor Borrowers’ Programme (ABP), which was implemented in 2015.
