In 2023, the palm oil supply in Nigeria stood at 2.0 Million Metric Tons. The forecasted supply from 2024 to 2028 shows a gradual increase from 2.03 Million Metric Tons in 2024 to 2.16 Million Metric Tons in 2028. This indicates a year-on-year growth of approximately 1.97% from 2024 to 2025, 1.45% from 2025 to 2026, 1.43% from 2026 to 2027, and 1.41% from 2027 to 2028. Over the five-year period, the compound annual growth rate (CAGR) for palm oil supply in Nigeria is roughly 1.54%.
Future trends to watch for include potential impacts from climate change on palm oil production, shifts in global demand influenced by sustainability concerns, and advancements in agricultural technologies that could enhance yield efficiency. Additionally, policy changes and trade agreements could also play significant roles in shaping the supply dynamics in the coming years.
