The demand for soybeans in Nigeria has grown significantly from 657,000 metric tons in 2014 to 858,000 metric tons in 2023. This period has experienced an overall upward trend despite some fluctuations. Notably, the demand saw substantial increases in 2015 and 2016 with year-on-year growth rates of 8.22% and 13.08%, respectively. However, 2017 recorded a decline of 2.99%. The period between 2019 and 2022 showcased smaller yet steady increments, while demand in 2023 increased by 1.3% from the previous year, consistent with a Compound Annual Growth Rate (CAGR) of 1.26% over the last five years.
Future projections indicate continuous growth, with a forecasted CAGR of 1.01% from 2024 to 2028, reaching an estimated 914,430 metric tons by 2028, representing a 5.13% growth from 2023. Despite a slight moderation in the growth rate, the upward trend is expected to continue.
Future trends to watch for include:
- Changes in agricultural policies and subsidies impacting soybean farming.
- Technological advancements in soybean cultivation and processing.
- Shifts in dietary patterns and consumption of soy-based products.
- Global market fluctuations affecting soybean import prices and supply chains.
