The cereal production in Nigeria has shown a variable trend over the past decade, marked by initial sharp increases and some periods of decline. The cereal volume in 2023 stood at 30.565 million metric tons. The year-on-year variation from 2022 to 2023 was 0.57%, indicating a slow growth. However, since 2019, the production figures have generally been flat with slight increases. The 5-year CAGR from 2018 to 2023 reflects a negligible contraction of -0.053%, suggesting stagnation in production output.
Looking into the future, the forecasted data for 2024 to 2028 shows a modest average annual growth rate of 0.59%, with an overall increase of 2.97% by 2028. This indicates a slightly positive outlook for cereal production in Nigeria in the coming years.
Future trends to watch for:
- Impact of climate change on agriculture and cereal production
- Government policies and subsidies aimed at boosting agricultural output
- Technological advancements in farming practices
- Market demand fluctuations and possible shift towards export markets