Nigeria exported agro-food items worth N165.27 billion in the second quarter of 2021, representing a 112% growth compared to N78.03 billion recorded in the corresponding period of 2020. This is also the highest on record, according to data tracked from the National Bureau of Statistics (NBS).
The recent value also represents a 30% increase when compared to N127.18 billion worth of export recorded in the previous quarter (Q1 2021). Recall that Nairametrics had reported that Nigeria’s foreign trade increased by 89% year-on-year to N12.03 trillion in Q2 2021.
The report had also highlighted that Nigeria continued with a foreign trade deficit of N1.87 trillion having recorded an import value of N6.95 trillion as against an export value of N5.08 trillion.
Meanwhile, Nigeria’s agric imports also increased by 56.9% year-on-year in Q2 2021 to N652.08 billion, indicating a trade deficit of N486.8 billion, quite huge for a country blessed with vast land and an agricultural sector that employs a huge chunk of its labour force.
Credit :- Nairametrics
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