The analysis of oilseeds feed in Nigeria indicates a significant variation in volume over the years up to 2023. The sector experienced a notable dip in 2015 with a -19.61% year-on-year change, followed by a substantial rebound in 2016 with a 173.17% increase. Post-2017, the volume saw a more varied trajectory, with significant declines and recoveries evident until 2021. From 2019 to 2023, the sector witnessed moderate but consistent growth, with a CAGR of 5.12% noted up to 2023.
For 2023, the volume stood at 86.0 thousand metric tons, marking a minor increase of 2.38% from the previous year. Looking ahead, forecast data from 2024 reveal a gradual rise with a CAGR of 1.56%, projecting the volume to reach 94.0 thousand metric tons by 2028. Overall, the oilseeds feed market in Nigeria is exhibiting positive growth with forecasts hinting at continued upward momentum, albeit at a slower rate.
Future trends to watch for include advancements in agricultural practices, government policies supporting oilseed farming, and potential impacts of climate change. Attention should also be given to global market demand and price fluctuations of oilseeds which could significantly influence the Nigerian market dynamics.
