The domestic consumption of soybean oil in Nigeria is forecasted to stand at 182.0 thousand metric tons in both 2024 and 2025, with a slight increase to 183.0 thousand metric tons from 2026 to 2028. In 2023, the actual consumption was 181.0 thousand metric tons. The year-on-year variation from 2023 to 2024 shows a growth of 0.6%, and from 2025 to 2026 a growth of 0.5%. The Compound Annual Growth Rate (CAGR) over the last five years is approximately 0.5%.
Future trends to watch for include potential shifts in domestic agricultural policies, advancements in soybean farming techniques, and changes in consumer preferences that could impact soybean oil demand. Additionally, global market dynamics and trade policies could influence import levels and price stability in Nigeria.
