The wheat market size in Nigeria reached 5.12 million metric tons in 2023. Over the past decade, the market has demonstrated variable growth rates, including significant fluctuations. The year-on-year variations from 2022 to 2023 showed a modest increase of 0.67%. The long-term trend shows an average annual growth rate of around 0.45% over the past five years.
Key variations:
• From 2014 to 2023, the market grew from 4.57 to 5.12 million metric tons with notable year-on-year increases and decreases, reflecting market volatility. • Noteworthy is the sharp decline in 2020 (-4.31%), followed by a recovery in 2021 (6%), stabilizing around a CAGR of 0.45% by 2023. • Forecasted growth indicates a steady increase with a 5-year CAGR of 0.53%, expecting the market to reach 5.29 million metric tons by 2028.
Future trends to watch for:
• Increased domestic production capacities and technological advancements. • Changes in import and export policies. • Climate change impacts on agricultural productivity. • Evolving consumer preferences and dietary trends.
