India turns to Nigeria, other African countries for Soybeans
India Turns to Nigeria, Other African Nations for Soybean Imports
By Cynthia Alo, with Agency report
India has reached out to Nigeria and several other African countries for soybean imports as domestic prices surge, prompting Indian traders to cancel soymeal export contracts for the first time since 2021.
Recent reports indicate that Indian traders annulled approximately 25,000 metric tons of soymeal export contracts while securing around 80,000 metric tons of soybean imports from African suppliers following a notable increase in local prices.
This shift is expected to create new export opportunities for Nigeria and other African nations that produce non-genetically modified soybeans, which are permissible for import into India.
According to sources, India’s soybean purchases are enabling African exporters to sell their products at a premium above global benchmark prices.
Vinod Jain, founder of agricultural goods exporter Suraj Impex, noted that the increase in prices has led to a decrease in new soymeal export orders for India. Jain emphasized that this situation has driven traders to turn to African countries for soybean imports.
Forecasts suggest that India’s soybean imports could reach a record 800,000 metric tons by September 2026, a significant increase from the approximately 2,000 metric tons imported the previous year, according to data from the Soybean Processors Association of India.
India’s import regulations limit the sourcing of soybeans to non-GM varieties, restricting options primarily to a select group of African nations, including Nigeria, Benin, Niger, and Togo.
