Key Market Indicators
Nigerians' appetite for soybeans is set to dip slightly over the next five years, with consumption forecast to reach 113,880 metric tons by 2026. This is a 1% decrease from 2021 figures, which stood at 121,000 metric tons. Since 2017, demand has increased 0.3% each year on average. Meanwhile, production is expected to reach 700,020 metric tons by 2026. This is a 0.6% yearly increase from 683,790 metric tons in 2021. However, since 1966, supply has declined by 6.1% year on year.
