Nigeria’s agriculture trade swings from N740 billion surplus to N56 billion deficit in H1 2026

Nigeria's agricultural trade balance experienced a significant shift from a N740.27 billion surplus in H1 2025 to a N56.13 billion deficit in H1 2026, according to data released by the National Bureau of Statistics (NBS). This reversal was primarily driven by a sharp decline in agricultural exports, which fell to N1.98 trillion in H1 2026 from N2.96 trillion in the same period the previous year, a decrease of 33.3%.

Despite a smaller 8.5% decline, agricultural imports also dropped from N2.22 trillion to N2.03 trillion. The decline in exports, particularly in the second quarter, was the main factor contributing to the deficit. Despite the overall decline, key commodities like cocoa and sesame continued to contribute significantly to Nigeria's non-oil exports.

Additionally, agriculture remains a major source of employment in Nigeria, with 25.34 million people employed in the sector in 2023, representing 30.1% of the workforce. The trade figures highlight the challenges Nigeria faces in converting its extensive agricultural production and employment base into sustainable export earnings and a more favorable trade balance.

Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.