The forecast for wheat supply in Nigeria for the years 2024 to 2028 indicates a steady increase in volume, with values projected to grow from 5.35 million metric tons in 2024 to 5.61 million metric tons in 2028. This marks a consistent yearly growth rate. As of 2023, actual wheat supply stood at 5.30 million metric tons, indicating an upcoming positive trend.
Year-on-year variations from 2024 to 2028 are as follows:
- 2024: No variation (base year)
- 2025: 1.1% increase
- 2026: 1.3% increase
- 2027: 1.1% increase
- 2028: 1.3% increase
Analysis over the last five years demonstrates a Compound Annual Growth Rate (CAGR) of approximately 1.4%, indicating a stable and moderate increase in wheat supply.
Future trends to watch for include potential impacts of climate change on agricultural outputs, government policies on agriculture, advancements in farming technologies, and changes in both domestic and global demand for wheat. These factors could significantly influence the forecasted supply values and overall market dynamics.
