8 hours Ago By Bayo Akomolafe
Some agricultural goods valued at N2.6 trillion have been shipped out of Lagos and Tincan Island ports in three months. Some of the exports, mainly cocoa beans, cashew, sesame were exported to The Netherlands, India, Malaysia, Belgium and other European European countries.
Data obtained by the National Bureau of Statistics (NBS) explained that the value of agricultural goods exports increased by 232.02 per cent compared to the N463.97 billion value recorded in Q4, 2023 and also increased by 72.
95 per cent over the N890.72 billion value recorded in Q3, 2024. It stressed that most of the agricultural exports which passed through the ports were dominated by superior quality cocoa beans valued at N836.
23 billion, standard quality Cocoa beans, N269.34 billion and sesamum seeds, N202.94 billion, natural cocoa butter, N104.
59 billion and cashew nuts shelled, N30.76 billion. The NBS data showed that agricultural products were mainly exported to Europe at N986.
70 billion, followed by exports to Asia, valued at N474.38 billion. Further, the bureau said that superior quality cocoa beans worth N477.
95 billion and N108.09 billion were exported to The Netherlands and Malaysia respectively, adding that standard quality cocoa beans valued at N110.84 billion and N48.
96 billion were exported to Netherlands and Belgium respectively. Also, it stressed that sesamum seeds worth N96.71 billion and N32.
29 billion were exported to China and Japan, respectively. Also, the bureau revealed that the bulk of export transactions were carried through Lagos Port with goods valued at N17.92 trillion or 89.
55 per cent of total exports, followed by Tincan Island Port, which recorded N1.39 trillion or 6.95 per cent of total export.
It noted: “The major agriculture goods imported in Q4’24 included ‘Durum wheat’ from Latvia and Russia valued at N69.80 billion and N58.27 billion respectively.
“Total exports accounted for 54.68 per cent of total trade in the fourth quarter of 2024. Exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at N17.
30 trillion or 86.48 per cent of the total export value, this was followed by exports of prepared foodstuffs: beverages, spirits and vinegar; tobacco worth N1.32 trillion or 6.
59 per cent of total exports and products of the chemical and allied industries with N530.46 billion or 2.65 percent of the value of total exports.
“Exports trade by region shows that Nigeria exported goods mainly to Europe with goods valued at N8,672.29 billion or 43.33 per cent of total exports, followed by exports to Asia valued at N5.
56 trillikn or 27.79 per cent of total exports, while exports to America was valued at N3.52 trillion representing 17.
58 per cent of total exports.” Also, the NBS data indicated that exports to Africa stood at N2.04 trillion or 10.
20 per cent of the total exports, out of which, good exported to ECOWAS countries was valued at N1.18 tillion or 57.56 per cent of the total exports to Africa.
On the other hand, total imports of agricultural goods in Q4, 2024 stood at N1.09 trillion or 6.57 per cent of total imports.
This represents a rise of 53.35 per cent when compared to the value recorded in Q4, 2023 (N711.14 billion) and also increase by 23.
61 per cent compared to the value recorded in Q3, 2024 (N882.24 billion). Recall that Nigeria Customs Service (NCS) recorded N3.
53 tillion ($2.14 billion) in non-oil exports from the Lilypond Export Command in 2024. The exports were shipped out of Lagos Port in 30,979 containers out of which 6,717 Twenty Equivalent Units of agricultural produce valued at N433 billion ($288.
8 million) were processed at Lagos Port by NCS as total of 2,488x 20 feet and 40 feet containers were stuffed with agricultural produce, generating earnings amounting to N203 billion ($135.4 million) between April and June 2024. Also, it was revealed that between January and March, Customs at Lilypond Export Command processed 4,229 (20 feet and 40 feet) containers filled with agricultural produce, generating earnings amounting to N230 billion ($153.
4 million). The service explained that it received N916.4 million under Nigerian Export Supervision Scheme (NESS), adding that it generated N1.
2 billion under the Nigeria Export Supervision Scheme (NESS) in the second quarter of 2024. The Controller of the Command, Comptroller Ajibola Odusanya, said in Lagos that NESS payments were a significant rise in 2024 when compared to N478.7 million recorded in the same period of 2023.
In line with the fiscal policy directive of Federal Government, Odusanya noted that N29.6 million was generated as a surcharge on the export of previously imported goods and other machinery as approved by the Federal Ministry of Finance in 2024, while N535,000 was generated in 2023. He explained: “The year 2024 is facing numerous challenges, and Nigeria is not exempted.
Important sectors of the economy are adversely affected due to the unstable exchange rate. The command recorded a significant export of diverse commodities, including agricultural produce, manufactured goods, solid and extractive minerals, among others. “Notably, the Nigeria Export Supervision Scheme (NESS) received a payment of N913.
7 million underscoring the robust contribution of agricultural exports to the national economy. With 267 containers dispatched, manufactured goods contributed significantly to export revenue, totaling $9.5 million.
” The comptroller added that the NESS payment to the Federal Government was N57.23 million, reflecting the sector’s resilience and competitiveness in the global market, saying that export of solid and extractive minerals witnessed a notable upsurge, with 623 20 feet and 40 feet containers dispatched, valued at $34.3 million.
Odusanya stressed that the NESS payment of N232.7 million, highlights the growing potential of Nigeria’s mineral resources on the international stage. According to him, “various goods such as plants & machinery and personal effects were exported in 162 20ft and 40ft containers, contributing $5.
5 million to export revenue.” Odusanya added that a NESS payment of N24 million was made, emphasising the diversified nature of Nigeria’s export portfolio. He commended the ComptrollerGeneral of customs, Bashir Adeniyi and his management team for harmonising with the Nigerian Ports Authority for collapsing all the export seats in Zone A to Lilypond Export Command.
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