Key Market Indicators
Nigerian consumption of soybean oil is projected to reach 88 thousand metric tons by 2026, up from 85 thousand metric tons in 2021. This marks an annual growth rate of 0.6%. Since 2017, Nigerian demand for the oil has increased by 2% annually. Meanwhile, Nigerian production of soybean oil is predicted to reach 139 thousand metric tons by 2026, up from 112 thousand metric tons in 2021. This represents an average annual growth rate of 3.5%. Since 1993, Nigerian supply of the oil has been on the rise, increasing by 5.2% annually.
