The soybeans production in Nigeria stood at 780 thousand metric tons in 2023. For the forecasted years, the data shows a steady increase in production: 789.9 (2024), 796.5 (2025), 803.0 (2026), 809.4 (2027), and 815.7 (2028). This represents an annual growth rate of approximately 1% year-on-year over the last two years and an average compound annual growth rate (CAGR) of about 1.1% from 2024 to 2028.
Trends to watch for in the future:
- Technological advancements in farming techniques, potentially increasing yield.
- Government policies or initiatives supporting agricultural development.
- Fluctuations in global soybean markets impacting local production strategies.
- Climate change and its effects on agricultural productivity.
