The soybean oil supply in Nigeria is forecasted to remain stable from 2024 to 2028, with values around 201.0 to 202.0 thousand metric tons. The actual supply in 2023 stood at 200.0 thousand metric tons. The year-on-year variation in the last two years shows a modest increase of approximately 0.5%. The Compound Annual Growth Rate (CAGR) over the forecasted five-year period is about 0.2% annually, indicating a very slight upward trend.
Future trends to watch for include potential shifts in global soybean oil prices, changes in domestic agricultural policies, and advancements in farming technologies which may influence local production capacities. Additionally, fluctuations in demand due to economic conditions or changes in dietary preferences could impact the supply situation.
