Import waivers, insecurity end two-year agric trade surplus

Recent government policies, including import waivers and reduced tariffs, have ended Nigeria's two-year agricultural trade surplus, as the country shifted to a deficit in the first half of 2026. According to Agribusiness experts, the waivers and tariff reductions made it more favorable for consumers to import goods, hurting domestic producers.

Agricultural exports fell by 33.28 percent, while imports only decreased by 8.50 percent. The gap between exports and imports resulted in a N796.40bn swing in the trade balance. Factors such as food inflation, insecurity, high input costs, and falling produce prices also contributed to the deficit. Experts urge the Federal Government to prioritize local production through the Special Agro-Industrial Processing Zones program and address concerns like fertiliser costs and guaranteed minimum prices for agricultural produce.