Import waivers, insecurity end two-year agric trade surplus

Nigeria's agricultural trade surplus ended after two years, as import waivers meant to address hunger and insecurity led to a deficit. In H1 2026, agricultural exports fell by 33.28% to N1.98tn, while imports only decreased by 8.50% to N2.03tn. The gap between the two movements resulted in a N796.40bn swing in the trade balance.

Experts believe recent government policies, such as waivers for products like palm oil and rice and reduced import tariffs, contributed to the shift. These measures made imports more favorable than local producers, which hurt domestic producers and discouraged local production. Weak funding for processors and high input costs also played a role.

The government should focus on expanding domestic production and addressing security issues to boost agricultural exports.