Nigeria: Banana And Plantain Market 2024

Banana And Plantain Market Size in Nigeria

The Nigerien banana and plantain market declined slightly to $X in 2022, approximately mirroring the previous year. In general, consumption, however, continues to indicate a noticeable decline. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Banana And Plantain Production in Nigeria

In value terms, banana and plantain production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2016 when the production volume increased by 104% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

In 2022, the average banana and plantain yield in Nigeria amounted to X tons per ha, almost unchanged from the year before. Over the period under review, the yield saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 3.9%. The banana and plantain yield peaked at X tons per ha in 2017; however, from 2018 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of bananas and plantains production in Nigeria amounted to X ha, approximately reflecting the year before. Overall, the harvested area showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the harvested area increased by 2.6%. As a result, the harvested area attained the peak level of X ha. From 2016 to 2022, the growth of the banana and plantain harvested area remained at a lower figure.

Banana And Plantain Exports

Exports from Nigeria

In 2022, approx. X tons of bananas and plantains were exported from Nigeria; which is down by -43.9% compared with 2021 figures. Overall, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2016 when exports increased by 358%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, banana and plantain exports reduced markedly to $X in 2022. In general, exports, however, continue to indicate moderate growth. The pace of growth was the most pronounced in 2016 with an increase of 449%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X tons), the UK (X tons) and Canada (X tons) were the main destinations of banana and plantain exports from Nigeria, with a combined 75% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +155.3%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for bananas and plantains exports from Nigeria, comprising 47% of total exports. The second position in the ranking was held by the UK ($X), with a 22% share of total exports. It was followed by Canada, with an 18% share.

From 2012 to 2022, the average annual growth rate of value to Russia totaled +65.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+47.7% per year) and Canada (+138.5% per year).

Export Prices by Country

In 2022, the average banana and plantain export price amounted to $X per ton, growing by 8.6% against the previous year. In general, the export price posted a prominent expansion. The pace of growth was the most pronounced in 2017 an increase of 242% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+11.5%), while the prices for the other major destinations experienced a decline.

Banana And Plantain Imports

Imports into Nigeria

In 2022, overseas purchases of bananas and plantains decreased by -50.8% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports faced a dramatic shrinkage. The pace of growth was the most pronounced in 2013 when imports increased by 17% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, banana and plantain imports plummeted to $X in 2022. In general, imports showed a precipitous setback. The most prominent rate of growth was recorded in 2019 when imports increased by 25%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cameroon (X tons) constituted the largest supplier of banana and plantain to Nigeria, with a 84% share of total imports. Moreover, banana and plantain imports from Cameroon exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cameroon amounted to -5.5%.

In value terms, Cameroon ($X) constituted the largest supplier of bananas and plantains to Nigeria, comprising 65% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Cameroon stood at -2.9%.

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, rising by 17% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana and plantain import price increased by +47.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 55%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Cameroon amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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