The oilseeds market in Nigeria experienced various fluctuations from 2014 to 2023, starting with modest values at 1.26 million metric tons in 2014 and reaching 1.69 million metric tons by 2023. Significant growth was noted in 2016 with a 23.3% increase, while years like 2018 and 2020 saw declines of 3.97% and 3.57%, respectively. The average compound annual growth rate (CAGR) over the past five years was 1.72%. From 2024 onwards, the market is forecasted to grow at a CAGR of 1.08%, reaching 1.81 million metric tons by 2028, translating to a 5.51% growth over this period.
Future trends to watch for include:
- Investments in agricultural technology and infrastructure which may impact productivity.
- Global market shifts that could affect supply and demand balances.
- Climate change-related impacts on crop yields and seasonality.
- Potential governmental policy changes affecting production incentives or trade regulations.
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