Key Market Indicators
Nigerian nut consumption is projected to decline significantly over the next five years, dropping from approximately 139,000 metric tons in 2023 to roughly 89,000 metric tons by 2028. This represents an average annual decrease of around 7.1%. The demand for nuts in Nigeria has been dwindling since 2019, with a year-on-year decline of about 6.4%. On the production front, Nigeria is expected to see a slight reduction. Nut production is forecasted to fall from around 234,000 metric tons in 2023 to approximately 222,000 metric tons by 2028. This equates to an average annual decrease of about 0.8%. Since 2019, the supply of nuts in Nigeria has decreased at an annual rate of approximately 0.9%.
