Soybean supply in Nigeria is forecasted to steadily increase from 1.28 million metric tons in 2024 to 1.4 million metric tons by 2028. This represents a consistent year-on-year growth rate, averaging around 2.4% over the forecast period. In comparison, the supply stood at 1.25 million metric tons in 2023, marking a steady upward trend from the previous years.
The year-on-year variation indicates a positive growth trajectory annually:
- 2024: 2.4%
- 2025: 2.3%
- 2026: 2.3%
- 2027: 2.2%
- 2028: 2.2%
Looking forward, several trends could impact the soybean supply in Nigeria:
- Technological advancements in agriculture increasing yield.
- Government policies promoting agricultural production.
- Climate change and its effect on crop production.
- Global market demand and price fluctuations impacting local supply.
