Soybean production in Nigeria was recorded at 1.15 million metric tons in 2023. According to forecasts, production will steadily increase from 1.18 million metric tons in 2024 to 1.28 million metric tons by 2028. The year-on-year growth rates observed are 2.5% (2024-2025), 1.7% (2025-2026), 2.4% (2026-2027), and 1.6% (2027-2028). The Compound Annual Growth Rate (CAGR) over the five years from 2023 to 2028 is approximately 2%.
Future trends to watch for include advancements in agricultural technology, government policies geared towards boosting agricultural output, any potential impact of climate change on crop yields, and fluctuating global market demand for soybeans. Additionally, investments in infrastructure and education for local farmers could significantly influence soybean production capabilities and efficiencies in Nigeria.
