Nigeria's Agriculture Faces N56 Billion Deficit in 2026

In the first half of 2026, Nigeria's agricultural trade balance experienced a significant downturn, moving from a N740.27 billion surplus in H1 2025 to a N56.13 billion deficit. This shift was primarily due to a sharp decline in agricultural exports, which fell to N1.98 trillion from N2.96 trillion year-on-year, marking a 33.3% decrease.

The National Bureau of Statistics (NBS) reported that agricultural imports also decreased, but only by 8.5%, from N2.22 trillion to N2.03 trillion. The second quarter of 2026 was particularly impactful, contributing significantly to the overall decline in export earnings.

Despite the downturn, key agricultural commodities such as cocoa and sesame continued to show substantial export values. Agriculture remains a vital sector in Nigeria, employing 25.34 million people and accounting for 30.1% of the total workforce, surpassing the wholesale and retail trade sector.