Market research

Palm oil and fractions market in Nigeria

$Palm oil and fractions market in Nigeria$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

Nigeria's palm oil market volume showed significant fluctuations between 2018 and 2023. After reaching 1.67 million tons in 2018, it dropped to 1.30 million tons in 2019, then rebounded to over 1.63 million tons in both 2020 and 2021. The market contracted again to 1.43 million tons in 2022 before recovering to 1.64 million tons in 2023.

Domestic production mirrored this volatility, falling from 1.57 million tons in 2018 to 1.22 million tons in 2019, then steadily climbing to 1.46 million tons by 2023. Import volumes exhibited even sharper swings, surging from 110 000 tons in 2018 to 359 000 tons in 2020, collapsing to 11 000 tons in 2022, and recovering to 179 000 tons in 2023. These import changes played a key role in shaping total market supply.

By 2023, the market had nearly returned to its 2018 volume, indicating a degree of stability after several years of pronounced shifts.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Nigeria
  1. 5.1.1. Annual dynamics of production in Nigeria in kind, 2018-2023, K t
  2. 5.1.2. Annual dynamics of production in Nigeria in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's exports from Nigeria in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's exports in kind from Nigeria by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Nigeria in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Nigeria by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/kg
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's exports from Nigeria in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's exports in kind from Nigeria by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Nigeria in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Nigeria by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/kg
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's imports to Nigeria in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's imports in kind to Nigeria by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Nigeria in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Nigeria by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/kg
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's imports to Nigeria in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's imports in kind to Nigeria by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Nigeria in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Nigeria by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production palm oil and fractions in Nigeria

In kind, 2017-2020, K t

From 2017 to 2020, Nigeria ranked sixth globally in the production of palm oil and fractions.

Top producers of palm oil and fractions, 2017-2020

Source: SHEV.io

World map of production of palm oil and fractions, 2017-2020

Source: SHEV.io

In 2020, Nigeria produced 1 280 K t of palm oil and fractions, representing a modest 4.9% increase compared to 2019. Over the 2017-2020 period, production decreased by 16.3%, with a compound annual growth rate (CAGR) of -5.8%. The lowest production level was recorded in 2019 at 1 220 K t, while the highest was in 2018 at 1 565 K t. The largest decline occurred in 2019, with a drop of 22.0%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	2.3%	(22.0%)	4.9%	(5.8%)

Source: SHEV.io

Exports palm oil and fractions from Nigeria

Exports in kind, K t

The market exhibited volatility during the observed period. The lowest export volume was recorded in 2018 at 0.7 K t, while the highest was in 2017, resulting in a peak-to-trough ratio of 5.2 times. In 2020, Nigeria exported 2.2 K t of palm oil and fractions, marking a sharp increase of 150.6% compared to the previous year. The largest decline was observed in 2018, with an 80.6% drop.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(80.6%)	32.3%	150.6%	(13.8%)

Source: SHEV.io

From 2017 to 2020, the Netherlands and Portugal dominated Nigeria's exports of palm oil and fractions in kind, jointly accounting for 90.1% of total flows. Other countries held significantly smaller shares.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, M $ US

The market showed volatility over the observed period. Import levels fluctuated 86-fold between the high in 2017 and the low in 2019. In 2020, the value of palm oil and fractions exported from Nigeria reached 0.1 M $ US, up by 181.4% compared to 2019. The lowest value was recorded in 2019 at 0.0 M $ US, and the largest decline occurred in 2018 with a 92.5% decrease.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(92.5%)	(84.4%)	181.4%	(68.0%)

Source: SHEV.io

During 2017-2020, Nigeria's export structure in value terms was heavily concentrated on the Netherlands, which accounted for 87.9% of total flows. Other partners made up the remaining volume.

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

Source: SHEV.io

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

Source: SHEV.io

Imports palm oil and fractions to Nigeria

Imports in kind, K t

The data reveals irregular changes, indicating a volatile market environment. The minimum import volume was recorded in 2019 at 79.9 K t, while the maximum was in 2020, showing a 4.5-fold variation between these years. In 2020, Nigeria imported approximately 358.9 K t of palm oil and fractions, reflecting a substantial increase of 349.1% year-over-year. The largest decline occurred in 2018, with a 46.0% drop.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(46.0%)	(27.5%)	349.1%	20.7%

Source: SHEV.io

From 2017 to 2020, Malaysia and Indonesia were the dominant sources for Nigeria's imports of palm oil and fractions in kind, jointly accounting for 88.2% of total flows. The remaining volume was distributed among smaller markets.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

Nigeria's imports of palm oil and fractions in value terms increased for the second consecutive year. In 2020, import volume amounted to 277.6 M $ US, marking an abrupt increase of 68.0% compared to 2019. Over the 2017-2020 period, imports grew by 66%, with a compound annual growth rate (CAGR) of 18.4%. The lowest value was recorded in 2018 at 152.3 M $ US, and the largest decline occurred in the same year with an 8.9% decrease.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(8.9%)	8.5%	68.0%	18.4%

Source: SHEV.io

Throughout 2017-2020, Malaysia remained the primary destination for Nigeria's imports in value terms, capturing 71.7% of total flows. The remaining share was distributed across various smaller markets.

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

Source: SHEV.io

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

Source: SHEV.io