Based on the provided forecast data, Nigeria's wheat consumption is expected to increase steadily from 4.65 million metric tons in 2024 to 4.86 million metric tons in 2028. This represents a consistent year-on-year growth rate. In 2023, the actual wheat consumption stood at approximately 4.60 million metric tons. The year-on-year percentage variations indicate a modest but steady upward trend in wheat consumption, with annual increases of around 1.07% to 1.10%. Over the last five years, the Compound Annual Growth Rate (CAGR) suggests an average annual growth of approximately 1.08% in wheat consumption.
Future trends to watch for in Nigeria's wheat consumption include:
- Population growth driving higher demand for wheat and wheat-based products.
- Economic factors, such as income growth and urbanization, influencing dietary preferences and consumption patterns.
- Government policies on agricultural imports and local wheat production impacting overall supply and consumption levels.
- Global market trends and potential disruptions, such as trade policies and climate change, affecting wheat availability and prices.
