Nigeria: Maize Market 2024

Maize Market Size in Nigeria

The Nigerien maize market dropped to $X in 2022, flattening at the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Production in Nigeria

In value terms, maize production stood at $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 18% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

In 2022, the average maize yield in Nigeria reached X tons per ha, growing by 2.9% against 2021. The yield figure increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when the yield increased by 17%. As a result, the yield reached the peak level of X tons per ha. From 2021 to 2022, the growth of the average maize yield remained at a somewhat 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 maize production in Nigeria dropped modestly to X ha, which is down by -4.2% compared with 2021 figures. Over the period under review, the harvested area saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the harvested area increased by 10% against the previous year. The maize harvested area peaked at X ha in 2019; however, from 2020 to 2022, the harvested area failed to regain momentum.

Maize Exports

Exports from Nigeria

In 2022, overseas shipments of maize decreased by -36.6% to X tons, falling for the second consecutive year after three years of growth. Overall, exports continue to indicate a dramatic slump. The pace of growth appeared the most rapid in 2019 when exports increased by 109% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, maize exports soared to $X in 2022. In general, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 196%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Niger (X tons) and Ghana (X tons) were the main destinations of maize exports from Nigeria.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ghana (with a CAGR of +70.8%).

In value terms, Ghana ($X) emerged as the key foreign market for maize exports from Nigeria, comprising 84% of total exports. The second position in the ranking was held by Niger ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ghana amounted to +27.2%.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, with an increase of 119% against the previous year. In general, the export price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 1,652%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Niger totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+2.3%).

Maize Imports

Imports into Nigeria

Maize imports into Nigeria soared to X tons in 2022, growing by 87% compared with the year before. In general, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 332% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, maize imports reduced sharply to $X in 2022. Overall, imports, however, showed a deep slump. The growth pace was the most rapid in 2020 with an increase of 530% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cyprus (X tons) was the main maize supplier to Nigeria, with a 98% share of total imports. It was followed by Argentina (X tons), with a 0.5% share of total imports. The third position in this ranking was held by Russia (X tons), with a 0.3% share.

From 2012 to 2022, the average annual growth rate of volume from Cyprus totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-42.2% per year) and Russia (-41.2% per year).

In value terms, Cyprus ($X) constituted the largest supplier of maize to Nigeria, comprising 40% of total imports. The second position in the ranking was held by Argentina ($X), with an 8% share of total imports. It was followed by Russia, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value from Cyprus amounted to -15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-26.6% per year) and Russia (-16.9% per year).

Import Prices by Country

The average maize import price stood at $X per ton in 2022, falling by -69.2% against the previous year. In general, the import price recorded a deep slump. The pace of growth was the most pronounced in 2020 when the average import price increased by 255%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Uruguay ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+47.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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