Key Market Indicators
Nigerian edible oils consumption is projected to hit approximately 2,170 thousand metric tons by 2028, an increase from around 2,120 thousand metric tons in 2023. This marks an average annual growth rate of 0.3%. Since 2019, the demand for edible oils in Nigeria has remained relatively stable, showing no significant year-on-year change. On the production front, Nigeria is expected to produce about 1,970 thousand metric tons of edible oils by 2028, up from 1,900 thousand metric tons in 2023. This represents an average annual growth rate of 0.6%. Notably, since 2019, Nigerian edible oils production has seen a modest but steady increase of 0.7% year on year.
