Findings from the National Bureau of Statistics have revealed that the total international trade in agricultural goods in Nigeria stood at N3.24tn in 2021, with the import value exceeding the export value by N2.23tn.
In the first quarter of 2021, Nigerian farmers exported items worth N127.2 billion, while the country received goods worth N630.2 billion. Agricultural items totaling N165.27 billion were exported in the second quarter, while imports totaled N652.08 billion.
The Central Bank of Nigeria, through the Anchor Borrower’s Programme and the Produce, Add Value and Export (PAVE) initiative is financing and encouraging Nigerians to cultivate and eat home-grown products as a means of managing food inflation and commodity prices.
“It noted that inflation had moderated marginally due to the unrelenting effort of the bank in supporting agriculture to boost food supply and prices. The committee, thus, reiterated its call to the government to intensify effort towards addressing the security situation in the country to ease supply bottlenecks and bring down food prices.” stated the committee at the last CBN Monetary Policy Committee (MPC) meeting.