Based on the historical data, Nigeria's soybean oil production experienced notable variations between 2014 and 2023. In 2014, production was at 72.0 thousand metric tons, rising significantly to 91.0 thousand metric tons in 2015, marking a 26.39% year-on-year growth. Subsequent years saw fluctuations, with decreases in 2016 and 2019, and recoveries in 2018 and 2021. By 2023, the production reached 103.0 thousand metric tons, reflecting a modest year-on-year increase of 1.98%. The compound annual growth rate (CAGR) over the last five years stood at 1%, suggesting steady albeit slow growth.
Looking ahead, forecasted figures show a continuous upward trend, with soybean oil production expected to rise to 111.9 thousand metric tons by 2028. The five-year forecast CAGR is projected at 1.32%, indicating moderate growth. Key trends to watch include technological advancements, governmental policies, and international market demands, all of which could significantly impact production levels.
