Cassava and maize hold significant importance in Nigeria’s agricultural landscape, serving as key focus crops due to their diverse industrial applications and strong export market potentials. Cassava finds utilization in various industries, including ethanol production, industrial starch, cassava flour, sweeteners, glucose syrup and animal feeds. Similarly, maize is primarily utilized for poultry feed, breakfast cereals, and as a raw material for brewery plants. In addition, the starch content in maize allows for the production of additives like dextrose and sorbitol, used in pharmaceuticals, and bioethanol, a renewable fuel alternative. The demand for both crops in Nigeria is substantial, with projections indicating a high demand for cassava starch and maize. However, the actual supply falls short of meeting these demands. For instance, there’s an estimated annual demand for 310,000 tonnes of cassava starch, yet only around 20,000 tonnes are available. Similarly, maize demand is estimated at 15.5 million metric tonnes, while supply stands at 11 million tonnes, leaving a considerable gap supplemented by imports.
Agusto & Co. anticipates modest growth in the cassava and maize markets in the short to medium term. However, this outlook is subject to various factors, particularly the prevailing economic conditions. Inflationary pressures and a weaker naira have led to increased input and transportation costs, which could impact market dynamics. Nonetheless, favourable factors such as adequate rainfall, improved access to quality inputs, and assured demand from processors may contribute to enhanced cassava and maize volumes in the medium term.
This report provides a broad insight of the Cassava & Maize Markets. In particular, the report:
Information that the Report Provides
