The forecast for cottonseed domestic consumption in Nigeria shows a steady upward trend from 2024 to 2028. In 2023, the actual consumption stood at 150.0 thousand metric tons. For 2024, the forecasted value is 151.0 thousand metric tons, indicating a marginal increase of 0.67% year-on-year. In 2025, consumption is expected to rise to 153.0 thousand metric tons, showing a 1.32% increase from the previous year. In 2026, the consumption will be at 154.0 thousand metric tons, marking a 0.65% rise. For 2027, the forecasted value is 155.0 thousand metric tons, another 0.65% increment. Finally, by 2028, consumption is predicted to reach 157.0 thousand metric tons, representing a 1.29% increase. The compound annual growth rate (CAGR) for the period from 2024 to 2028 stands at approximately 1.09% per year.
Future trends to watch for include shifts in agricultural policies, technological advancements in cottonseed processing, and changes in domestic and global demand for cottonseed derivatives. Monitoring these factors will be crucial for making informed projections and strategic decisions.
