Banana and Plantain Market Overview in Nigeria
In value terms, banana and plantain production soared to $ in 2019 estimated in export prices. In general, production showed a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of % y-o-y. Banana and plantain production peaked in 2019 and is likely to see gradual growth in the immediate term.
The average yield of bananas and plantains in Nigeria stood at tonnes per ha in 2019, therefore, remained relatively stable against 2018. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 when the yield increased by % year-to-year. The banana and plantain yield peaked at tonnes per ha in 2007; afterwards, it flattened through to 2019. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2019, the total area harvested in terms of bananas and plantains production in Nigeria amounted to ha, stabilizing at 2018 figures. In general, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 when the harvested area increased by % year-to-year. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure in 2019 and is likely to see steady growth in the near future.
The value of the banana and plantain market in Nigeria soared to $ in 2019, increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a measured increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The most prominent rate of growth was recorded in 2018 when the market value increased by % year-to-year. Banana and plantain consumption peaked in 2019 and is expected to retain growth in years to come.