Soybean production may increase in Nigeria in 2024-25 agricultural year

Published 2024년 4월 25일

Tridge summary

Nigerian farmers are expected to see a significant increase in soybean production in the 2024-25 agricultural year, with a projected output of 1.33 million tons, which is a 14% increase from the previous year, according to the Foreign Agricultural Service of the US Department of Agriculture. This surge is primarily due to a 200 thousand hectare expansion in cultivated areas. The rise in soybean production is attributed to its lower demand for fertilizers and higher profit margins, especially in the face of high costs for growing other staples such as corn, rice, and cereals. Additionally, the USDA forecasts a sharp increase in soybean exports and processing volumes, albeit the specific reasons for this significant growth are not yet clear.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the next 2024-25 agricultural year, Nigerian farmers can increase soybean production to 1.33 million tons. This is reported by OleoScope with reference to forecasts of specialists from the Foreign Agricultural Service of the US Department of Agriculture (FAS USDA). This is 14 percent or 180 thousand tons more than in the 2023-24 agricultural year. The ministry’s analytics explain the increase in indicators by the expansion of cultivated areas by 200 thousand hectares from last year, or up to 1.35 million. The USDA cited two reasons why agricultural producers in the African country began to increasingly reorient themselves towards this crop. First of all, there are serious costs for growing other staples like corn, as well as rice and other cereals. This decision was also influenced by the fact that oilseeds are less demanding on fertilizers than other crops. The department also provided forecasts for the export and processing of crops. ...

Source: Rosng