Market for Jute And Jute-Like Fibers in Nigeria
In value terms, jute and jute-like fibers production rose remarkably to $ in estimated in export prices. In general, the total production indicated a buoyant expansion from 2007 to : its value increased at an average annual rate of +% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of % against the previous year. Jute and jute-like fibers production peaked in and is expected to retain growth in the immediate term.
The average yield of jute and jute-like fibers in Nigeria was estimated at tonnes per ha in , leveling off at 2019. The yield figure increased at an average annual rate of +% over the period from 2007 to ; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when the yield increased by % against the previous year. Over the period under review, the average jute and jute-like fibers yield reached the maximum level in and is likely to see gradual growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
The jute and jute-like fibers harvested area in Nigeria totaled ha in , remaining stable against the previous year. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of % year-to-year. As a result, the harvested area reached the peak level of ha; afterwards, it flattened through to .
The value of the jute and jute-like fibers market in Nigeria surged to $ in , picking up 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). In general, consumption saw buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.