The oil crops yield in Nigeria stood at 15.25 thousand hectograms per hectare in 2023. The year-on-year variation shows a decline of 0.55% in 2023 and a similar decrease of 0.56% in 2022. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 indicates a negative growth rate of -0.59% on average per year.
Overall, the yield of oil crops in Nigeria has experienced fluctuating patterns over the past decade. Significant drops were recorded in 2016 and 2020 with decreases of -6.39% and -6.12% year-on-year, respectively. Nonetheless, there were occasional upswings, such as in 2014 and 2021 with growth rates of 5.02% and 4.67%, respectively.
Looking forward, the forecast data implies a gradual decline in yields, anticipated to fall to 14.81 thousand hectograms per hectare by 2028. The projected average annual variation (CAGR) for the next five years is -0.47%, indicating a continuous downturn with an overall reduction of -2.31% over the period.
Future trends to watch for include the potential impact of climate change, advancements in agricultural technology, and government policies aimed at improving productivity and sustainability in the oil crops sector.
