Nigeria's Agric Trade Deficit Hits N400.78bn in Q2 2026

In the second quarter of 2026, Nigeria's agricultural trade deficit widened to N400.78 billion, as reported by the National Bureau of Statistics. Agricultural exports totaled N802.99 billion, while imports surged to N1.2 trillion.

This marks a significant shift from the previous quarter and the same period in 2025, where the sector had recorded a surplus. Agricultural exports fell by 36.09 percent year-on-year from N1.26 trillion in Q2 2025 and by 31.51 percent quarter-on-quarter from N1.17 trillion in Q1 2026.

Major exported products included cashew nuts, cocoa beans, sesame seeds, and soya beans. Abiodun Olorundero, managing partner at Prasinos Farms, noted that the drop in cocoa exports is due to its seasonal nature and declining international prices.

The substantial agricultural import bill highlights ongoing challenges in achieving self-sufficiency, exacerbated by structural issues such as weak infrastructure and high logistics costs.