The oilseeds production in Nigeria stood at 17.67 million metric tons in 2023, reflecting a 1.2% year-on-year increase. Over the past decade, the production has demonstrated steady growth, with significant jumps in 2016 (11.31%) and more moderate increases thereafter. The Compound Annual Growth Rate (CAGR) over the last five years has been 1.21%, indicating stable but modest growth.
Looking forward, forecasts show that oilseeds production will continue to grow to 18.76 million metric tons by 2028, with an estimated 5-year CAGR of 0.95% and an overall growth rate of 4.85%. While this indicates a gradual increase in production, the growth rate is expected to slow down compared to the previous years.
Future trends to watch for:
- Technological advancements and improved agricultural practices which may boost production efficiency.
- Potential policy changes and government support for the agriculture sector in Nigeria.
- Global market conditions and demand for oilseeds which may impact production volumes.
- Climate change and its effects on agricultural productivity.
