Market research

Soybean oil and fractions market in Nigeria

$Soybean oil and fractions market in Nigeria$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Submission method: to your account

File format: docx, xlsx

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Earlier Report Observations

The soybean oil market in Nigeria expanded significantly, with volume growing from 77 thousand tons in 2018 to 141 thousand tons in 2023. This increase was supported by a rise in domestic production, which climbed from 84 thousand tons to 141 thousand tons over the same period.

A temporary spike in imports to 30 thousand tons in 2020 pushed the total market volume to a peak of 144 thousand tons. Following this, import levels dropped sharply and the market stabilized around 134-141 thousand tons for the remainder of the period.

By 2023, local production reached 141 thousand tons, demonstrating the industry's continued capacity growth and reducing reliance on foreign supplies.

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. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, t
    1. 6.1.2.1. Annual dynamics of product's imports to Nigeria in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's imports in kind to Nigeria by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Nigeria in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Nigeria by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/kg
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, t
    1. 6.2.2.1. Annual dynamics of product's imports to Nigeria in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's imports in kind to Nigeria by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Nigeria in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Nigeria by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/kg
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, t
    1. 7.1.2.1. Annual dynamics of product's exports from Nigeria in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's exports in kind from Nigeria by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Nigeria in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Nigeria by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/kg
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, t
    1. 7.2.2.1. Annual dynamics of product's exports from Nigeria in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's exports in kind from Nigeria by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Nigeria in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Nigeria by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ 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 soybean oil and fractions in Nigeria

In kind, 2017-2020, K t

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

Nigeria's production of soybean oil and fractions saw a two-year increase before declining. In 2020, the country produced 113.5 K t, marking an 8.8% decrease from the previous year. Over the 2017-2020 period, production grew by 50.7%, with a compound annual growth rate of 14.7%. The peak was reached in 2019 at 124.5 K t, which also saw the largest annual increase of 47.7%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	12.0%	47.7%	(8.8%)	14.7%

Source: SHEV.io

Exports soybean oil and fractions from Nigeria

Exports in kind, t

Nigeria exported 167 t of soybean oil and fractions in 2020, showing minimal change from the previous year. Between 2018 and 2020, exports fell by 97.7%, with a compound annual decline rate of 71.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

From 2017 to 2020, France was the nearly exclusive buyer of soybean oil and fractions from Nigeria, accounting for 94.0% of total exports in volume terms.

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, K $ US

Nigeria's exports of soybean oil and fractions totaled 82 K $ US in 2020, with no significant difference from the previous year. Between 2018 and 2020, exports dropped by 97.8%, equivalent to an annualized decline of 72.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

During 2017-2020, France was the key and almost sole market for Nigeria's soybean oil and fractions exports in value terms, representing 94.1% of total flows.

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 soybean oil and fractions to Nigeria

Imports in kind, t

The market displayed volatility during the observed period. Import volumes reached their lowest point in 2018 at 87 t and peaked in 2020, representing a 347-fold increase. In 2020, Nigeria imported 1 347 t of soybean oil and fractions, a sharp rise of 4 233.0% compared to 2019. The largest decline occurred in 2018, falling by 72.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(72.3%)	701.6%	4 233.0%	358.4%

Source: SHEV.io

From 2017 to 2020, China was the leading supplier of soybean oil and fractions to Nigeria, contributing 80.6% of total imports in volume, while the remainder was distributed among many other countries.

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, K $ US

Market behavior was characterized by volatility in these years. Import values hit their lowest in 2018 at 86 K $ US and reached their highest in 2020, showing a 255-fold increase. In 2020, Nigeria's imports of soybean oil and fractions amounted to 21 842 K $ US, reflecting a steep increase of 2 253.2% from 2019. The largest decline was in 2018, dropping by 69.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(69.2%)	982.4%	2 253.2%	327.9%

Source: SHEV.io

Over 2017-2020, imports in value terms of soybean oil and fractions to Nigeria were heavily concentrated on Argentina, which accounted for 89.7% of total flows; other countries made up the remaining 10.3%.

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