In Nigeria, the soybean oil market size in volume stood at 86.0 thousand metric tons in 2023. Over the past decade, the market has experienced fluctuations, characterized by periods of growth and decline. The year-on-year growth rate from 2021 to 2023 has been minimal, showing increased stability compared to prior years. The compound annual growth rate (CAGR) over the last five years reveals a more moderate average annual increase of 1.46%.
Looking forward, the projected data for the next five years suggests a slow but steady growth with a forecasted 5-year CAGR of 0.54%, indicating a growth rate of 2.75% by 2028. This suggests cautious optimism for stakeholders in the sector, emphasizing the importance of monitoring agricultural policies and international trade developments.