Nigeria’s agricultural export sector recorded a significant decline in the first quarter of 2026, highlighting ongoing vulnerabilities in the country’s non-oil trade despite strong global demand for key commodities.
According to data released by the National Bureau of Statistics (NBS), the total value of agricultural trade stood at N2 trillion during the period, with exports contributing N1.17 trillion.
The performance represents a 31.2 per cent decline compared to the N1.7 trillion recorded in the first quarter of 2025 and an 11.39 per cent drop from the N1.32 trillion reported in the fourth quarter of 2025.
Despite the decline, agriculture remains one of Nigeria’s most important non-oil export sectors. However, the latest figures reveal a continued dependence on a small number of commodities, exposing the sector to global price fluctuations, market disruptions, and supply-chain risks.
Asia emerged as the largest destination for Nigeria’s agricultural exports, accounting for N529.45 billion worth of purchases, while Europe followed closely with imports valued at N500.34 billion. Together, the two regions accounted for nearly 88 per cent of the country’s total agricultural export earnings during the quarter.
Cocoa remained the undisputed leader of Nigeria’s agricultural export basket. Superior quality cocoa beans generated N596.9 billion in export earnings, representing 50.91 per cent of total agricultural exports and making it the country’s highest-earning agricultural commodity.
The Netherlands and Belgium were the largest buyers, importing cocoa products worth N228.36 billion and N98.56 billion respectively. The strong performance reinforces Europe’s position as a major market for Nigeria’s premium cocoa exports.
Sesame seeds ranked second, generating N153.78 billion and accounting for 13.12 per cent of total agricultural export earnings. China remained the largest market for the commodity with imports valued at N76.55 billion, followed by Japan at N21.11 billion.
Soya beans secured third position among Nigeria’s agricultural exports, generating N129.27 billion. India dominated demand for the commodity, accounting for N113.86 billion of exports, while Canada imported N11.15 billion worth during the period.
Cashew nuts in shell ranked fourth with export earnings of N119.76 billion, representing 10.22 per cent of total agricultural exports. The commodity continues to benefit from strong demand from Asian processing hubs, particularly India and Vietnam, where raw cashew nuts are processed before reaching global consumer markets.
Flours and meals of soya beans completed the top five, generating N53.2 billion in export revenue. The product reflects growing opportunities for value addition within Nigeria’s agricultural sector, although earnings remain significantly lower than those generated by raw commodity exports.
Other major export products included natural cocoa butter, which generated N41.69 billion, followed by shelled cashew nuts at N16.69 billion. Frozen shrimps and prawns contributed N14.3 billion, while exports of fresh and dried flowers earned N12.23 billion. Crude shea oil rounded out the top ten with export earnings of N9.14 billion.
The latest figures reveal that a handful of products continue to dominate Nigeria’s agricultural export earnings. The top five export commodities—superior quality cocoa beans, sesame seeds, soya beans, cashew nuts in shell, and soybean meal—generated approximately N1.05 trillion, accounting for almost 90 per cent of total agricultural export revenue during the quarter.
The data also highlights the overwhelming influence of cocoa within the sector. Beyond superior quality cocoa beans, exports of cocoa butter and other cocoa products pushed total cocoa-related export earnings above N643 billion, underscoring the country’s continued reliance on the commodity.
For MSMEs operating in agriculture, the report presents both opportunities and concerns. Strong international demand for cocoa, sesame, cashew, and soya products continues to create export opportunities for producers and agribusinesses. However, the concentration of earnings in a few commodities and markets highlights the need for greater diversification, increased value addition, and stronger processing capacity to reduce exposure to external shocks.
Industry stakeholders have long argued that expanding local processing of cocoa, cashew, sesame, and shea products could help Nigeria retain more value within the economy, create jobs, and strengthen export resilience.
As global demand for agricultural commodities continues to evolve, the latest export figures reinforce the importance of investing in agro-processing, market diversification, and value-chain development to sustain growth in Nigeria’s non-oil export sector.