Nigeria's roundwood production stood at 77.648 million cubic meters in 2023. Forecasts indicate a consistent upward trend: 77.989 million cubic meters in 2024, 78.282 million cubic meters in 2025, 78.572 million cubic meters in 2026, 78.859 million cubic meters in 2027, and 79.143 million cubic meters in 2028. This indicates the following year-on-year percentage increases:
- 2024: 0.44%
- 2025: 0.37%
- 2026: 0.37%
- 2027: 0.36%
- 2028: 0.36%
Looking at these forecasted figures, the compound annual growth rate (CAGR) over the last five years (2024-2028) is predicted to be around 0.34%.
Future trends to watch for include potential effects of environmental policies, sustainability initiatives, and global market demand changes on Nigeria's forestry sector. Economic conditions, technological advancements in wood processing, and climate change impacts will also play significant roles in shaping the roundwood production outlook.
