Oil seeds and oleaginous fruits market in Nigeria

Earlier Report Observations

Between 2018 and 2020, the Nigerian oil seeds market showed initial stability followed by a notable shift. Production and market volume grew modestly in 2019, supported by a government policy formulated in June that year to invest approximately $500 million in expanded palm oil production, aiming to boost the oilseed sector. However, in 2020, the domestic market volume contracted by 7.5% to 337.5 thousand tons, primarily because a surge in exports to 32.2 thousand tons diverted substantial supply away from local consumption.

The market recovered in 2021, with volume rising to 354.9 thousand tons. This rebound was driven by a normalization of export levels and sustained strong domestic demand for edible oils and oilseeds, as indicated by high household consumption expenditure. The market then stabilized in 2022 around 357.8 thousand tons, showing minimal change.

By 2023, market volume saw a slight reduction to 349.4 thousand tons while exports remained a significant factor, with oil seeds being an important agricultural export. Over the broader period, the market exhibited slow growth, with the soybean segment accounting for the largest share. Recent sector developments included the Central Bank of Nigeria lifting foreign exchange restrictions for palm kernel and palm oil imports in late 2023 and the allocation of about 120,000 hectares of land in Edo State to investors for oil palm production.

Production oil seeds and oleaginous fruits in Nigeria

In kind, 2017-2020, K t

Nigeria was among the world's leading producers of oil seeds and oleaginous fruits from 2017 to 2020, ranking third globally by production volume.

Top producers of oil seeds and oleaginous fruits, 2017-2020

World map of production of oil seeds and oleaginous fruits, 2017-2020

Nigeria's production of oil seeds and oleaginous fruits increased for the third consecutive year. In 2020, the country produced 369.7 thousand tons, marking a slight gain of 0.6% compared to 2019. Over the period from 2017 to 2020, production grew by 3%, which translates to an annualized rate of 1.0%.

Annual dynamics of production in Nigeria in kind, 2017-2020, K t

Exports oil seeds and oleaginous fruits from Nigeria

Exports in kind, t

Nigeria's exports of oil seeds and oleaginous fruits increased for the third consecutive year. In 2020, exports reached 32 235 tons, representing a substantial rise of 1 065.1% compared to 2019. Between 2017 and 2020, exports surged by 28 527.3%, equating to an annualized rate of 559.1%.

Annual dynamics of product's exports from Nigeria in kind, 2017-2020, t

From 2017 to 2020, Sweden and Denmark continued to lead as the primary markets for Nigeria's exports in kind, together accounting for 81.7% of total flows, while other partners played a supplementary role.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Nigeria in kind, 2017-2020

Exports in value, K $ US

Nigeria's exports of oil seeds and oleaginous fruits in value terms increased for the third consecutive year. In 2020, export value amounted to 18 563 thousand US dollars, reflecting a significant increase of 729.5% compared to 2019. Over the period from 2017 to 2020, exports grew by 5 583.5%, with a compound annual growth rate of 284.5%.

Annual dynamics of product's exports from Nigeria in value, 2017-2020, K $ US

Throughout 2017 to 2020, Sweden, Denmark, and India remained the main markets for Nigeria's exports of oil seeds and oleaginous fruits in value terms. Sweden accounted for 51.3% of exports, Denmark for 26.2%, and India for 8.9%, jointly representing 86.4% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Nigeria in value, 2017-2020

Imports oil seeds and oleaginous fruits to Nigeria

Imports in kind, t

The market showed signs of volatility during the observed period. Imports varied significantly, with a low in 2017 and a high in 2019, showing a 57-fold difference. In 2020, Nigeria's imports of oil seeds and oleaginous fruits were recorded at 22 tons, amounting to an abrupt decrease of 80.6% compared to the previous year. The maximum value was recorded in 2019 at 114 tons, while the largest increase occurred in 2018 at 2 067.8%.

Annual dynamics of product's imports to Nigeria in kind, 2017-2020, t

From 2017 to 2020, Turkey and the United Arab Emirates concentrated 81.4% of Nigeria's total imports in kind, with the remaining share distributed among other destinations, each making smaller individual contributions.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Nigeria in kind, 2017-2020

Imports in value, K $ US

The market exhibited volatility over the observed period. Imports peaked in 2019 and reached their lowest point in 2017, with a 99-fold gap between these years. In 2020, Nigeria imported 9 thousand US dollars worth of oil seeds and oleaginous fruits, constituting a sudden drop of 98.2% compared to the previous year. The maximum value was recorded in 2019 at 462 thousand US dollars, while the largest increase was in 2018 at 2 314.6%.

Annual dynamics of product's imports to Nigeria in value, 2017-2020, K $ US

In 2017 to 2020, Turkey remained the dominant direction for Nigeria's imports in value terms, holding a share of 77.5% of total flows, with the remainder fragmented across other markets.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Nigeria in value, 2017-2020