Nigeria's oilseeds processing industry has shown a steady increase from 2014 to 2023, reaching 13.24 million metric tons in 2023. Despite fluctuations in growth rates, the industry has maintained an upward trend. Year-on-year growth varied significantly, hitting a high of 5.79% in 2015 and stabilizing to around 0.91% by 2023. Over the last five years, the compound annual growth rate (CAGR) was 0.76%, reflecting moderate but consistent progress. Future forecasts indicate a continuing rise, with a projected 3.37% overall growth from 2023 to 2028 and a 0.66% annual CAGR over these five years.
Future trends to watch for include technological advancements in processing efficiency, shifts in global oilseed demand, policy changes favoring local production, and potential impacts of climate change on crop yield.
