HOW NGX AGRIC STOCKS ARE DOING IN 2026
By AgricNews Digest – Nigeria Edition
2026 is a “two-speed” year for Nigerian agriculture stocks. On one side: food security urgency + FX stability + government input support is giving momentum. On the other: high costs, insecurity, and post-harvest losses are still dragging smaller players.
Investors are rewarding plantations, oil palm, and companies with export + processing capacity Speculative small-caps are still struggling.
- THE BIG WINNERS: PLANTATIONS & AGRO-PROCESSORS HOLDING STRONG
These are the “Bunge and Nutrien” of the NGX. Scale + exports + low-cost land.
Okomu Oil Palm Plc Still the blue-chip of NGX Agric. Benefits from high CPO prices and export demand.
- Tailwinds: Govt ban on raw palm oil import, expansion of plantations, and weaker Naira making exports competitive.
- Investor view: Rewarded for consistent dividends and vertical integration. The “defensive” agric pick.
Presco Plc
- Similar to Okomu. Large oil palm + rubber plantations in Edo/Delta.
- Tailwinds Food inflation pushing edible oil prices up, plus Afreximbank AQAC certification helping export credibility.
- Investor view Strong margins because they own the value chain from farm to refinery.
Ellah Lakes Plc
-The “turnaround” story. Pivoted into fish, poultry, palm oil, and cassava in Delta/Imo.
- Tailwinds: Partnerships for mechanization and government input programs. Market is pricing in future scale.
- Risk Still in expansion phase. Profitability depends on execution.
FTN Cocoa Processors Plc
Cocoa grinding and export. Direct beneficiary of global cocoa price rally in 2025/2026.
- Challenge: FX access and power costs. But export receipts are stronger.
Livestock Feeds Plc
- Animal feed and poultry.
- Tailwinds High protein demand + FG support for livestock.
- Headwind: Maize and soy input costs. Margins are squeezed unless they can pass costs to market.
Nascon Allied Industries Plc
- Salt, seasoning, and tomato paste. Food security play.
- Why it matters Inelastic demand. Even in inflation, people buy salt and seasoning. Provides stability.
-Speculative names: Still very thinly traded. High volatility on news of government contracts.
- Agri-tech Not yet listed properly on NGX, but private players using mobile platforms like the A-YUNIAMS project funded by Afreximbank are gaining traction. If any list in 2026/2027, expect hype.
- Reality check Profitability is still elusive. Investors want to see revenue, not just “feeding 40m farmers headlines.
- Food Inflation Food inflation above 20% means pricing power for food producers like Presco, Okomu, Nascon.
2.Government Support 1.1m+ bags of fertilizer distributed, 250 tractors to Niger State,2m farmer target. Reduces input cost risk.
Export Push Afreximbank $3B commitment AQAC in Kaduna/Imo/Sagamu. Ginger, sesame, cocoa, palm oil now have certification path.
FX & AfCFTA: Weaker Naira helps exporters. AfCFTA opens intra-Africa food trade.
Flooding and insecurity in North still create supply gaps. Companies with farms in safer zones are premium.
Category Outlook Examples
Plantations/Exports Bullish Okomu Oil, Presco
Food Processing Stable Nascon, FTN Cocoa
Inputs/ Feeds Mixed Livestock Feeds cost pressure
Small Caps/Agri-tech Speculative Ellah Lakes execution story
Overall: Capital is rotating into large, low-cost, export-ready agric firms. The “food security theme” is real. Equipment, storage, and cold-chain companies will be the next ones to watch if Afreximbank and FG infrastructure spending