Value chains & market institutions

The appropriation lines of the Federal Ministry of Agriculture and Food Security total NGN 3,574.7 billion in the 2026 Appropriation Act, in force from 1 April 2026, about US$2.68 billion at the end-August 2026 rate of 1,332.94 and 5.23% of aggregate expenditure (own calculations, amounts from the bill as passed)¹²³. In the 2025 repeal and enactment bill, which the Budget Office stated on 7 January 2026 had received presidential assent, they total NGN 1,782.6 billion (3.69%, own calculation)⁴⁵. These are appropriations, not releases. The 2025 bill also carries NGN 1.5 trillion for recapitalising the Bank of Agriculture⁴. NASIP records that Nigeria did not meet the CAADP target of 10% of public spending on agriculture in any year 2015–2025⁶.

The National Agri-Food Systems Investment Plan 2026–2027 is costed at NGN 6,477.3 billion, of which NGN 2,400.9 billion for short-term productivity drivers and NGN 712.2 billion for finance, marketing and insurance⁶. The costing is a plan based on the medium-term expenditure framework.

The average price of a bag of NPK rose from NGN 25,400 in 2023 to NGN 42,000 in 2024 and of urea from NGN 22,350 to NGN 41,300, and the cost of producing a hectare of maize rose from NGN 330,621 to NGN 561,237⁸. Fertiliser use was 13.0 kg of nutrients per hectare of arable land in 2024 on World Bank data⁹. The National Fertilizer Quality (Control) Act of 2019 regulates fertiliser quality, and the Presidential Fertiliser Initiative supported 41 blending plants by 2021 according to NSIA¹⁰¹¹. In March 2024 the CBN handed 2.15 million bags of fertiliser to the agriculture ministry¹². The National Agricultural Seeds Council regulates seed under the 2019 Act¹³.

Part XV of the Investments and Securities Act 2025, in force since 25 March 2025, requires commodity exchanges to be registered with the SEC and provides for registered warehouses, collateral managers and negotiable warehouse receipts¹⁹. The Nigeria Commodity Exchange, supervised by the Federal Ministry of Industry, Trade and Investment, is the lead warehousing partner of the Bank of Agriculture's Guaranteed Minimum Price programme, launched on 8 September 2026 with an announced envelope of NGN 200 billion and a target of at least 500,000 tonnes of grain (maize, rice, sorghum and soybeans among the crops cited)²¹²². The Export (Prohibition) Act, as compiled in 2004, lists maize, rice, beans, cassava tuber and yam tuber among goods whose export is prohibited²³.

On 13 July 2023 the President directed that a state of emergency on food security be announced, and in 2024 the government opened a 150-day duty-free window for imports of maize, wheat and husked brown rice²⁴⁶. The Cadre Harmonisé counted 27.2 million people in food crisis or worse in October–December 2025 and 36.3 million in its July 2026 update for June–August 2026²⁵²⁶. Undernourishment rose from 10.5% of the population in 2010 to 22.2% in 2024 on FAO estimates²⁷.