FBNQuest MB Research examines the Q1 2025 Foreign Trade Report released by the National Bureau of Statistics (NBS) today, with a particular focus on Nigeria’s trade performance in agricultural commodities.
According to the data, agricultural exports rose by 11% quarter-on-quarter (Q-o-Q) and 65% year-on-year (Y-o-Y) to N1.7 trillion in Q1 2025. Consequently, agriculture’s contribution to total exports increased to 8.3%, up from 7.7% in the previous quarter.
On the import side, the total value of agricultural goods declined by 5% Q-o-Q but grew by 13% Y-o-Y, reaching over N1 trillion. This resulted in an agricultural trade surplus of N668.3 billion, extending the positive trend that began in Q1 2024.
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