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

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. ...