From 2014 to 2023, Nigeria's soybean oil demand has shown notable fluctuations, peaking in 2016 and 2017 at 90.0 thousand metric tons before declining in 2018 by 11.11%. However, a recovery trend began, leading to stable demand of 86.0 thousand metric tons by 2023, with a year-on-year variation of 0% in 2023 and a 5-year CAGR of 1.46% over the period.

Future trends to watch for include:

A minor annual growth trend forecasted at a 5-year CAGR of 0.54% till 2028.
Potential influences of domestic agricultural policies and global market conditions on demand.
Impacts of technological advancements and population growth on consumption patterns.