The forecasted domestic food consumption of soybean oil in Nigeria shows a steady yet modest increase from 182.0 thousand metric tons in 2024 to 183.0 thousand metric tons in 2026, maintaining this level through 2028. Comparing the data from 2024 with the actual consumption in 2023, we see a slight uptick, reflecting a stable growth trend.
Year-on-year percentage variation reveals minimal changes, with a 0.55% increase between 2025 and 2026, followed by no further increase through 2028. The Compound Annual Growth Rate (CAGR) over the five-year period under review up to 2028 stands at approximately 0.27% annually.
Future Trends to Watch For:
The growing population and rising urbanization in Nigeria may elevate the demand for soybean oil as urban diets increasingly incorporate more processed foods. Additionally, economic factors, government policies on agriculture, and potential shifts towards healthier oil alternatives could influence future consumption trends. Monitoring these aspects will be key to understanding how this market evolves.
