The forecast for palm oil domestic consumption in Nigeria shows a consistent upward trend from 2024 to 2028, with values rising steadily from 1.90 million metric tons in 2024 to 2.02 million metric tons in 2028. Based on actual data, Nigeria's domestic consumption of palm oil in 2023 stood at 1.87 million metric tons. The year-on-year variations are modest, reflecting growth rates of approximately 1.58%, 1.55%, 1.53%, and 1.51% from 2024 to 2028 respectively. This indicates a stable and gradual increase. The Compound Annual Growth Rate (CAGR) for the entire period from 2023 to 2028 is around 1.54%.
Future trends to watch for include potential shifts in consumer preferences towards palm oil alternatives due to health or environmental concerns, the impact of policy changes related to agriculture and trade, and possible fluctuations in global palm oil prices influencing domestic consumption patterns. Monitoring these factors will be essential for understanding the trajectory of palm oil consumption in Nigeria.
