In 2023, Nigeria's palm oil production stood at 1.09 million metric tons. The forecasted data for 2024 to 2028 shows a steady increase from 1.1 million metric tons to 1.14 million metric tons.
Year-on-year percentage variation:- From 2024 to 2025: 0.91%- From 2025 to 2026: 0.9%- From 2026 to 2027: 0.89%- From 2027 to 2028: 0.88%
The average compound annual growth rate (CAGR) over the next five years (2024-2028) is approximately 0.9%.
Future trends to watch for include potential advancements in agricultural technology and practices, policy changes regarding agricultural support and subsidies, and global market demand for palm oil. These factors will significantly impact Nigeria's palm oil production capacity and market positioning.
