Agricultural commodities drive export growth as cashew, cocoa and sesame lead shipments….
Nigeria’s earnings from raw material exports more than doubled in the first half of 2026, rising to N3.84 trillion from N1.86 trillion a year earlier, according to an analysis of foreign trade data released by the National Bureau of Statistics.
The 106 percent year-on-year increase highlights a sharp expansion in Nigeria’s exports of raw and largely unprocessed commodities, as international demand for agricultural produce, minerals and other primary goods strengthened during the period.
The growth also coincided with a broader expansion in the country’s merchandise exports, which reached N27.02 trillion in the second quarter of 2026.
Agricultural commodities accounted for a significant share of the raw-material export performance, generating N1.97 trillion between January and June.
The figure comprises N1.17 trillion recorded in the first quarter and N802.99 billion in the second quarter.
Cashew nuts, cocoa, sesame and soya beans featured prominently among Nigeria’s agricultural exports during the period.
In the second quarter, cashew nuts in shell topped the list at N268.61 billion, followed by standard-quality cocoa beans valued at N154.31 billion.
Sesame seeds generated N96.03 billion, while superior-quality cocoa beans accounted for N58.82 billion. Soya beans added another N50.22 billion to the value of agricultural exports.
The composition of exports was somewhat different in the first quarter.
Cocoa beans led agricultural shipments with a value of N596.89 billion, while sesame seeds accounted for N153.77 billion.
Soya beans, excluding seeds, contributed N129.27 billion, followed by cashew nuts at N119.76 billion and soya bean flours and meals valued at N53.19 billion.
The stronger export performance contrasts with a decline in Nigeria’s agricultural import bill.
Agricultural imports fell by 8.5 percent year-on-year to N2.03 trillion in the first half of 2026.
Imports stood at N827.72 billion in the first quarter before rising to N1.20 trillion in the second quarter.
Despite the decline recorded over the first half, agriculture continued to account for a notable share of Nigeria’s import bill.
The sector represented 6.08 percent of total imports in the first quarter of 2026, down from 6.71 percent in the same quarter of 2025.
Its share subsequently increased to 8.35 percent in the second quarter, compared with 7.75 percent recorded in Q2 2025.
The latest trade figures point to a growing contribution from agricultural commodities to Nigeria’s export earnings, even as the country continues to contend with the challenge of moving beyond the export of largely unprocessed raw materials towards greater domestic value addition.
