Nigeria Soybean Production Forecast to Fall 8% in 2023-24

By George Mwangi

Special to Dow Jones Newswires

Nigeria's soybean production is forecast to fall by 8% in the marketing year beginning October through September 2024, the U.S. Agriculture Department said late Wednesday.

Production is expected to reach 1.15 million metric tons in 2023-24, down from 1.25 million tons during the current year, the USDA said in its annual Nigeria oilseeds and products report.

"The reduction is due to armed violence against smallholder farmers and the adverse effects of climate change," it said.

Increased restrictions on movement, kidnapping, and conflicts have disrupted farming activities in the main soybean-growing areas, it said.

The area harvested is estimated at 1.15 million hectares, a 4% decrease from the current year estimate of 1.2 hectares, due to erratic weather conditions, the department said. One hectare is 2.47 acres.

Nigeria's soybean consumption in 2023-24 is estimated at 1.2 million tons, a 2% decrease from the current year, it said.

"The marginal decrease in consumption is due to the increasing prices of soybean and the challenging business environment forpoultry farmers and processors," the USDA said.

Nigeria's soybean imports are forecast to reach 3,000 metric tons in 2023-24, up 2,000 tons in the current year, it added.

Lower domestic supplies and growing demand in the food processing sector will favor imports, the USDA said.

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04-28-23 0848ET