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Exports

Nigeria's Agricultural Trade Surplus Hits ?668.3bn in Q1 2025, Driven by Exports Surge

Strategic Insights

— 1 min read

Nigeria's agricultural sector recorded a strong start to the year, with a trade surplus of ?668.3bn in the first quarter of 2025. This is attributed to a surge in exports, which rose by 11% quarter-on-quarter (QoQ) and 65% year-on-year (YoY) to ?1.7trn. The sector's share of total exports has increased to 8.3%, up from 7.7% in the previous quarter, highlighting its growing importance in the country's export competitiveness. Europe remained the dominant export destination, followed by Asia.

Key Takeaways:

  • Agricultural exports surged to ?1.7trn in Q1 2025, driven by a 65% year-on-year increase.
  • Cocoa, cashew nuts, and standard cocoa beans were the top agricultural exports, accounting for ?1.3trn in sales.
  • Europe accounted for ?1.1trn of Nigeria's agricultural exports, while Asia took ?431.1bn.
  • Agricultural imports declined by 5% quarter-on-quarter but increased by 13% year-on-year, reaching just over ?1trn.
  • Europe was the largest source of agricultural imports, accounting for ?406.8bn, followed by America at ?311.8bn.
  • The sector's GDP contribution improved post-rebasing, rising to 27.8% in Q1 2025 from 24.64%.
  • However, growth in the sector slowed sharply, expanding by just 0.1% year-on-year, down from 2.5% in the previous quarter.
  • Key constraints on growth include insecurity in food-producing regions, weak infrastructure and logistics bottlenecks, and structural inefficiencies.
  • Analysts stress that securing agricultural hubs is critical to boosting production, stabilising food prices, and reducing Nigeria's dependence on imports.

Statistics:

  • Nigeria's agricultural trade surplus reached ?668.3bn in Q1 2025.
  • Agricultural exports surged to ?1.7trn in Q1 2025, up by 65% year-on-year.
  • Cocoa exports reached ?719.9bn, superior quality cocoa beans accounted for ?507.3bn, and cashew nuts in shell sold for ?157.6bn.
  • Agricultural imports stood at just over ?1trn in Q1 2025.
  • Europe accounted for 44.1% of agricultural imports, while America took 31.2%.

Sources:

  • FBNQuest Merchant Bank (MB) Research
  • National Bureau of Statistics (NBS) Q1 2025 foreign trade report

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