The aim of this case study is to understand the underlying political economy dynamics of the maize value chain in Nigeria, with a focus on how this can contribute to comprehending the drivers and constraints of agricultural commercialisation. The study is informed by theories of political settlements, rents, and policy processes. It asks questions around (1) the key actors and interests: who participates and how do they benefit? (2) Rules and policies: who makes the rules, and who wins and loses? And (3), what are the implications across different social groups?