The palm oil market in Nigeria has shown notable fluctuations from 2014 to 2023. Between 2014 and 2016, there was a slight decline in market volume, followed by a significant rebound in 2017 and 2018. The market experienced volatility with a dramatic drop in 2020, attributed to various economic challenges, but quickly recovered in 2021. By 2023, the market stood at 1.41 million metric tons, marking a modest 0.79% year-on-year growth from 2022.
Looking ahead, the palm oil market is forecasted to continue its steady growth, reaching 1.46 million metric tons by 2028, with a 5-year CAGR of 0.62%. Over the next few years, trends to watch include technological advancements in palm oil production, policy changes impacting import/export dynamics, and the growing demand for sustainable and ethically-produced palm oil.
