The oilseeds demand in Nigeria has shown a mixed trend from 2014 to 2023, with an overall growth from 13.72 million metric tons in 2014 to 17.07 million metric tons in 2023. The demand saw substantial increases in certain years, such as a 10.43% rise from 2015 to 2016, and more modest growths in others, such as 1.09% from 2022 to 2023. A notable dip occurred in 2020 when the demand decreased by 3.86%. Despite these fluctuations, the Compound Annual Growth Rate (CAGR) for the past five years stands at 1.14%.
Looking ahead, the forecasted data from 2024 to 2028 suggest a steady increase in oilseeds demand, with a growth rate of 4.41% over these five years and an average annual CAGR of 0.87%. Expected growth will likely continue at a moderate pace, reflecting stable market conditions and potential economic factors influencing Nigeria's agricultural sector.
Future trends to watch for include technological advancements in agriculture, government policies impacting oilseed production and import, and shifts in global oilseed markets. Monitoring these elements will be crucial for understanding and predicting future demand dynamics in Nigeria's oilseeds market.
