Nigeria’s agric sector attracted approximately $266.82 million in capital importation between 2023 and 2025, with annual inflows increasing more than eightfold over the period, according to an analysis of the National Bureau of Statistics Capital Importation by Sector/Nature of Business series.
The sector’s recorded capital inflows rose from $19.91 million in 2023 to $79.66 million in 2024, before more than doubling to $167.25 million in 2025.
The three-year total was obtained by adding the annual figures reported in the NBS series.
The increase between 2023 and 2024 was approximately 300.1 per cent, while the 2025 figure represented a further 109.9 per cent rise over the preceding year.
Compared with 2023, the 2025 inflow was about 8.4 times higher, equivalent to an increase of approximately 739.9 per cent.
The figures indicated a substantial rise in recorded foreign capital entering the sector, although the absolute value remains modest relative to Nigeria’s total capital-importation figures and the financing requirements of its agricultural value chains.
The 2025 inflow was unevenly distributed across the year.
Agriculture attracted $24.15 million in the first quarter, rising to $67.24 million in the second quarter.
Inflows subsequently declined to $24.67 million in the third quarter before recovering to $51.19 million in the fourth quarter.
The second-quarter inflow accounted for approximately 40.2 per cent of the annual total, while the fourth-quarter figure represented about 30.6 per cent.
The quarterly pattern in 2024 was also uneven.
Agriculture recorded $15.80 million in the first quarter, $5.91 million in the second and $4.64 million in the third quarter.
The fourth-quarter figure, approximately $53.31 million, is an implied value calculated by subtracting the published first-three-quarter figures from the reported annual total of $79.66 million.
The increase in capital inflows comes as the Federal Government seeks to expand domestic food production, agro-processing, agricultural value addition and non-oil exports amid persistent food-security and economic pressures.
The Nigerian Investment Promotion Commission (NIPC) identified commercial crop production, agro-processing, fisheries, livestock, agricultural inputs and related services as areas with investment potential.
Its agriculture investment information also highlighted incentives and infrastructure initiatives intended to reduce the cost and risks of establishing agribusinesses, including Special Agro-Industrial Processing Zones (SAPZs), import-related reliefs for eligible agricultural equipment and opportunities for private-sector participation.
The Federal Government has also sought to attract investment through the FAO-supported Hand-in-Hand Initiative.
In September 2025, the Ministry of Agriculture and Food Security said it was targeting an agricultural investment portfolio of $3.14 billion across five priority value chains: tomato, cassava, maize, dairy and fisheries.
The ministry said investors could benefit from measures including tax incentives, exemptions on eligible agricultural machinery imports, pioneer-status tax holidays and incentives for firms sourcing raw materials locally.
The government has stated that creating a more predictable investment climate remains central to its agricultural strategy.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the government would provide an enabling environment through clear policies, regulatory frameworks and a stable business climate designed to encourage private investment and mitigate risk.
The World Bank has continued to identify insecurity, inadequate infrastructure, weak logistics, limited access to finance, climate vulnerability and difficulties connecting producers to markets as challenges affecting Nigeria’s economic productivity and investment climate.
The Food and Agriculture Organisation’s 2025 Nigeria Food and Agriculture Policy Monitoring Review provided a further indication of the structural issues facing the sector.
The review examined public expenditure and price incentives from 2015 to 2021 and found that agricultural spending remained at approximately two per cent of total federal expenditure during the period, below the 10 per cent commitment associated with the Maputo and Malabo agricultural development frameworks.
The report also identified weaknesses involving market integration, trade and value chains, quality control, logistics and policy coherence.
It recommended more effective public spending, improved agricultural value chains, streamlined export procedures and better alignment between macroeconomic and sectoral policies.
