Cottonseed oil production in Nigeria has experienced a consistent decline over the past decade, with a notable production drop from 14.5 thousand metric tons in 2013 to 10.87 thousand metric tons in 2023. The year-on-year variations have shown a general trend of decline, reflecting challenges in the industry. The last two years recorded a decrease of -2.08% each year, while the five-year CAGR stands at -1.96%, indicating an average annual reduction.
Future forecasts suggest a continued decline in production, with an expected decrease to 9.66 thousand metric tons by 2028. This represents a forecasted five-year CAGR of -1.87% and an overall reduction of -8.99% over the next five years.
Future trends to watch for include the potential impact of agricultural policy changes, technological advancements in farming practices, and shifts in global market demand for cottonseed oil. Monitoring these factors will be crucial for understanding the trajectory of cottonseed oil production in Nigeria.
