The vegetable oils market in Nigeria has seen varied growth over the past decade. From 2014 to 2016, the market experienced a slight decline but saw a positive uptrend starting in 2017, reaching 2.12 million metric tons in 2022. The year 2023 registered a small year-on-year increase of 0.38%, with an annual compound growth rate (CAGR) of 0.019% over the last five years.
Future trends to watch for include:
- Continued slight growth, with the forecast indicating a CAGR of 0.31% from 2024 to 2028, and a total growth rate of 1.55%.
- Market stabilization and consistency in the upcoming years, reaching an expected 2.17 million metric tons by 2028.
- Potential impacts of global economic shifts, policy changes, and technological innovations affecting supply and demand dynamics.
