Rice imports lowest in 20 years, agric exports drive foreign trade

Despite multifarious challenges facing the agricultural sector of the economy, indications have emerged that Nigeria’s strength truly lies in the sector if obstacles are removed and necessary infrastructure is emplaced.

This follows as Nigeria’s rice importation data in 2020 has been described as the lowest in 20 years as a result of total land border control, disincentives to neighbouring countries (which imported rice to re-export), and home-grown Anchor Borrowers’ scheme in the rice value chain.

The Foreign Affairs Service (FAS) of the United States Department of Agriculture (USDA) indicated this in its August 2020 report. Similarly, the National Bureau of Statistics’ (NBS’) Top Products by Imports and Exports for the first quarter (Q1) 2020 recent report showed that though Nigeria’s total export value decreased by 14.42% in Q1, 2020 compared to the value recorded in Q4, 2019, the value of agricultural goods exports grew 85.36% in Q1, 2020 compared to Q4, 2019 and 46.76% compared to Q1, 2019.