The maize market size volume in Nigeria stood at 6.87 million metric tons in 2023. Historical data shows an overall increasing trend from 2014 to 2023, with minor fluctuations. In the first few years, from 2014 to 2016, the annual growth rate was relatively strong, reaching up to 6.58%. However, the market faced slight declines and moderations, with a significant drop in growth by -4.02% in 2020. Recent years from 2021 onwards show a more stable growth trend with minor increases. The Compound Annual Growth Rate (CAGR) over the last five years is 0.79%, demonstrating mild but consistent growth.
Looking forward, by 2028, the maize market in Nigeria is projected to reach 7.20 million metric tons. The forecast suggests an average annual growth (CAGR) of 0.75% for the next five years, leading to an overall growth rate of 3.8% by 2028.
Future trends to watch for include:
- Variability in climatic conditions affecting annual yield.
- Policy changes and their impact on agriculture subsidies and import/export regulations.
- Technological advancements in farming methods potentially improving yield per hectare.
- Shifts in domestic demand influenced by population growth and consumption patterns.