Nigeria's agricultural imports fell by 20 percent year-on-year to N827.7 billion in the first quarter of 2026, according to the National Bureau of Statistics. This marks a significant decline from N1.04 trillion in the same period in 2025 and a sharp drop from N1.44 trillion in the preceding quarter. The Q1 2026 figure represents 6.08 percent of total national imports. Agricultural expert AfricanFarmer Mogaji attributed the decline to low consumer purchasing power, noting that Nigerians are buying in smaller quantities due to economic strain. "Nigerians are not buying owing to low purchasing power, and this might be responsible for the drop in imports," Mogaji said 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 drop in imports coincides with a broader cost-of-living crisis exacerbated by rising energy prices. The Iran war has disrupted global oil and LNG shipments, affecting Nigeria's fuel market. Fuel prices in the country have risen 47 percent since the conflict began three weeks ago, jumping from N839 to N1,320 per litre. Diesel prices have increased by 106.2 percent, from N970 in January to N2,000 in Lagos. These increases have driven up transportation and food costs. Food inflation rose to 16.96 percent in May from 16.06 percent in April. Agricultural exports also declined, falling 31 percent year-on-year to N1.17 trillion, which accounted for 5.54 percent of total exports in 2026.
AfricanFarmer Mogaji blames low purchasing power for falling agricultural imports, yet the same economic hardship is worsening food inflation. Nigerians are buying less not by choice but because prices for fuel, transport, and food have surged beyond reach. The rising cost of diesel and fuel directly feeds into the price of food, making even basic meals harder to afford. This cycle of high costs and low consumption is deepening the crisis for ordinary households.
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