Nigeria's Farm Produce Inflation Hits 21.99% in August 2026

In August 2026, Nigeria's farm produce inflation surged to 21.99% year-on-year, the highest rate recorded for the year. This figure represents a significant increase from the 10.93% recorded in January and follows a pattern of fluctuations throughout the year, including a drop to 13.26% in May.

The National Bureau of Statistics (NBS) reported that the farm produce index rose from 120.8 in January to 151.4 in August, indicating a 25.3% increase over the eight-month period. Despite a broader moderation in headline inflation, the agricultural sector faces renewed pressures, with 36.3 million people experiencing Crisis or worse levels of food insecurity, the highest among 17 monitored African countries.

The agricultural sector, which employed over 25 million people in 2023, continues to struggle due to structural issues and economic shocks, including recurring flooding that devastates farmland. In 2025, the sector attracted $167.25 million in capital importation, reflecting modest investment levels.