The demand for vegetable oils in Nigeria experienced notable fluctuations from 2014 to 2023, peaking at 3.28 million metric tons in 2014 and reaching 2.95 million metric tons in 2023. The demand showed a general declining trend with notable year-on-year variations such as a 12.32% increase in 2017 and a significant drop of -17.52% in 2020. The average annual variation over the last five years was -0.41%. Forecasts indicate a gradual decline in demand, projecting a value of 2.86 million metric tons by 2028, reflecting an average annual decrease of -0.49%.
Future trends to watch for include potential impacts of economic policies, shifts in consumer preferences towards healthier oils, and fluctuations in domestic agricultural production capacity.
