Agric imports fall to 3 year-low in Q1 as Nigerians cut back

Nigeria’s agricultural imports slumped 20 percent to a three-year low, reflecting the country’s struggling consumer demand.

A total of N827.7 billion worth of agricultural products was imported into the country in the first quarter of 2026, according to the National Bureau of Statistics in its latest foreign exchange report.

Agricultural imports decreased by N212.3 billion, or 20 percent, on a year-on-year basis, from N1.04 trillion in the first quarter of 2025 to N827.7 billion. On a quarter-on-quarter basis, it decreased by N609 billion, or 42.4 percent, from N1.44 trillion in the fourth quarter of 2025.

The figure for the first quarter of 2026 accounted for 6.08 percent of total imports for the period.

Experts attributed the decline to Nigerians’ low purchasing power. With the cost of everything from food to stationery surging, Nigerians’ purchasing power has taken a dive.

“Nigerians are not buying owing to low purchasing power, and this might be responsible for the drop in imports,” said AfricanFarmer Mogaji, an agricultural expert, in an interview with BusinessDay.

“Consumers are buying only a little at a time because they cannot afford to buy in bulk,” he added.

The Iran war is taking a toll on Nigeria’s economy, with oil prices skyrocketing and energy costs surging due to the closure of the Strait of Hormuz and attacks on oil and gas facilities in the Gulf region.

This has led to a renewed cost-of-living crisis, affecting millions of households. The war has restricted around a fifth of global oil and LNG shipments, causing fuel and diesel price hikes in Africa’s most populous nation.

Nigeria’s fuel prices have surged 47 percent since the war started three weeks ago, from N839 per litre to N1,320. Prices of diesel also surged by 106.2 percent within the period, from N970 in January to N2,000 in Lagos.

The price increases are affecting transportation costs, food prices, and overall economic activity. The country’s food prices are surging again, and food inflation quickens to 16.96 percent in May from 16.06 percent in April.

A total of N1.17 trillion worth of agricultural commodities was exported for the period, accounting for 5.54 percent of the country’s total exports in 2026. The figure shows a 31 percent decrease in exports year-on-year.

Despite the fact that the country is gradually diversifying away from oil, agriculture has still failed to live up to its expectations, as in the 60’s and 70’s when it was the country major foreign earner.