Nigeria’s Q2 2026 farm exports slide to N747.5bn as cashew leads, cocoa mix flips
Nigeria’s top 10 agricultural exports earned N747.54 billion in Q2 2026, down 34.8% from Q1 2026’s N1.15 trillion and 39% below Q2 2025’s N1.23 trillion. Cashew nuts in shell led at N268.62 billion, followed by standard quality cocoa beans at N154.31 billion and sesamum seeds at N96.03 billion. Superior quality cocoa beans collapsed from N596.90 billion in Q1 to N58.82 billion in Q2 (‑90.1%), while standard quality cocoa jumped from N2.40 billion to N154.31 billion (+6,320%). Combined cocoa earnings fell to N240.73 billion from N590.56 billion a year earlier. Cashew and soybean products together contributed N366.69 billion, nearly half of the top‑10 total. The top three commodities (cashew, standard cocoa, sesame) accounted for 69.4% of export value, showing high concentration. This volatility presents both opportunity—strong global demand for cashew, cocoa and sesame can boost earnings—and risk—price drops, lower output or stricter quality rules could sharply cut revenue.
Given this swing, should Nigerian farmers and exporters prioritize stabilizing cashew and sesame outputs, invest in cocoa value‑addition, or diversify into other high‑value crops to reduce reliance on a few commodities?