The production of non-coniferous roundwood in Nigeria has consistently increased from 2013 to 2023, reaching 77.693 million cubic meters in 2023. The year-on-year variation has generally been positive, with the highest growth observed in 2014 at 1.4%. In recent years, the growth rate has stabilized, with a 0.56% increase from 2022 to 2023. The Compound Annual Growth Rate (CAGR) over the last five years up to 2023 stands at 0.38%, indicating steady, albeit modest, growth.
Future trends to watch for:
● The forecasted data suggests a gradual increase in production, reaching 79.143 million cubic meters by 2028. ● The forecasted CAGR for the next five years (2024-2028) is 0.29%, pointing towards a continued slow but steady growth. ● Key indicators to monitor include advancements in sustainable forestry practices, regulatory changes, and market demand for non-coniferous roundwood both domestically and internationally.
