The rice and products market in Nigeria showed significant fluctuations from 2014 to 2023. Starting with 7.87 million metric tons in 2014, the market experienced a sharp decline in 2015 with a year-on-year decrease of 10.53%. Following this, there were periods of modest growth and slight declines. Notably, by 2020 the volume dipped to 7.17 million metric tons but recovered slightly by 2021. In 2023, the market stood at 7.51 million metric tons, showing a minor year-on-year decrease of 0.16%. The average annual growth rate (CAGR) from 2019 to 2023 was -0.39%, indicating a general decline.
Looking forward, forecasted data shows a slight but consistent decline over the next five years, ending at 7.44 million metric tons in 2028. The average annual forecasted decline (CAGR) from 2024 to 2028 is expected to be -0.13%, with an overall growth rate of -0.67% throughout this period.
Future trends to watch for:
- Impact of agricultural policy changes and government interventions on rice production and imports.
- Technological advancements in rice farming and processing.
- Shifts in consumer preferences towards locally produced versus imported rice products.
- Impact of climate change on rice farming yields and supply chain disruptions.
