The production of cocoa beans in Nigeria saw fluctuations over the past decade, starting with a decline from 2013 until 2016, and subsequently recovering until 2020. From 2020 to 2023, the production has shown minor fluctuations with an overall stabilizing trend around 343 Thousand Metric Tons. In 2023, cocoa production stood at 343.59 Thousand Metric Tons, reflecting a decrease of 0.038% from the previous year.
Year-on-year variations over the last two years showed minimal change, reflecting a stabilization in output. However, the Compound Annual Growth Rate (CAGR) from 2018 to 2023 showed a modest average annual increase of 0.21%.
Looking forward, the forecast suggests a slight decline with a forecasted 5-year CAGR of -0.03%, indicating an overall decrease in production volume by around 0.16% by 2028.
Future trends to watch for include:
- Potential impacts of climate change on cocoa cultivation.
- Investments in agricultural technology and innovations.
- Government policies impacting the agricultural sector.
- Market demands and international trade dynamics.
