Based on the data provided, Nigeria's domestic food consumption of palm oil is expected to increase from 1.66 million metric tons in 2024 to 1.77 million metric tons in 2028. In 2023, the value stood at 1.63 million metric tons. The year-on-year growth rates are as follows:
-2023-2024: 1.84%
-2024-2025: 1.20%
-2025-2026: 1.79%
-2026-2027: 1.75%
-2027-2028: 1.72%
The Compound Annual Growth Rate (CAGR) over the forecast period (2024-2028) is approximately 1.66%.
Future trends to watch for include the continued growth in population, dietary changes towards more processed foods, and potential policy changes that may affect palm oil production and consumption. Additionally, sustainability concerns and shifts towards alternative oils might influence future consumption patterns.
