From 2014 to 2023, Nigeria's palm oil non-food uses witnessed significant fluctuations, with notable declines in 2016 and 2018, and a slight recovery in 2019. As of 2023, the volume stood at 738 thousand metric tons. Over the past five years, the compound annual growth rate (CAGR) was -1.6%, indicating a consistent downward trend. Year-on-year variations for 2022 and 2023 were -3.17% and -3.28%, respectively. The forecasted figures suggest a continued decline, with a five-year CAGR of -3.05% leading to a projected volume of 609 thousand metric tons by 2028.
Future trends to watch for include the impact of technological advancements in alternative non-food applications, potential shifts in governmental policies regarding palm oil production and usage, and changes in global demand which could influence local consumption patterns. Monitoring these factors will be crucial for understanding and predicting future trajectories in Nigeria's palm oil non-food sector.
