India has turned to Nigeria and other African countries for soybean imports after rising domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021.
According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured around 80,000 metric tons of soybean imports from African suppliers following a sharp increase in local soybean prices.
The development is expected to create fresh export opportunities for Nigeria and other African countries producing non-genetically modified (non-GM) soybeans, which are approved for import into India.
Reuters reported that growing demand from India is enabling African exporters to sell soybeans at prices above global benchmark rates.
Founder of agricultural goods exporting firm Suraj Impex, Vinod Jain, said India was no longer receiving new soymeal export orders because of soaring domestic prices.
He explained that the situation had pushed traders to increase soybean imports from African countries to stabilise supply.
Jain projected that India’s soybean imports could rise to a record 800,000 metric tons by September 2026, compared to about 2,000 metric tons imported in the previous year, according to data from the Soybean Processors Association of India.
India currently permits imports of only non-GM soybeans, limiting sourcing options to a few African countries, including Nigeria, Benin, Niger, and Togo.
Analysts say the increased demand could boost export earnings for African producers if they are able to scale up production and meet India’s quality requirements.
