Market research

Soybean oilcake market in Nigeria

Release date: Mar 29, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

Nigeria's soybean oilcake production rose from 408.6 thousand tons in 2018 to 535.1 thousand tons in 2020, with the market size expanding from 398.5 to 494.8 thousand tons. This growth was underpinned by the ongoing mechanization of soybean farming and processing, especially in Benue State, which contributes roughly 45% of the country's soybean harvest, enhancing the feedstock available for oilcake production.

Production jumped to 549.8 thousand tons in 2021 and further to 613.7 thousand tons in 2022, a surge directly linked to the entry of new large-scale processing capacity. The key driver was the commissioning of Olam Agri's 350 thousand ton per year soybean crushing plant in Kwara State, the largest in sub-Saharan Africa, supported by the government's Anchor Borrowers Program which increased soybean supplies from local farmers. This new capacity enabled a sharp increase in exports, which reached 112.1 thousand tons in 2021.

By 2023, production climbed to 645.3 thousand tons while the domestic market size stabilized at 507.0 thousand tons. The higher output was channeled into foreign markets, with exports rising to 141.2 thousand tons, aided by a naira devaluation that made Nigerian soybean oilcake more price-competitive internationally.

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/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/t
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/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Nigeria, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Nigeria by countries, 2018-2024, $ US/t
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/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/t
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/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Nigeria, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Nigeria by countries, 2018-2024, $ US/t
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 soybean oilcake in Nigeria

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

Source: SHEV.io

World map of production of soybean oilcake, 2017-2020

Source: SHEV.io

In 2020, Nigeria produced 535.1 thousand tonnes of soybean oilcake, marking a 34.7% increase compared to 2019. Over the period from 2017 to 2020, production grew by 46.3%, with a compound annual growth rate of 13.5%. The largest decline occurred in 2019, when production fell by 2.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.7%	(2.8%)	34.7%	13.5%

Source: SHEV.io

Exports soybean oilcake from Nigeria

Exports in kind, t

The market exhibited volatility during the observed period. Exports reached their lowest point in 2018 and peaked in 2020, with a 3.7-fold difference between these years. In 2020, Nigeria's soybean oilcake exports totaled 44,841 tonnes, representing a sharp decrease of 63.9% compared to 2019.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(63.9%)	n/a	n/a	10.6%

Source: SHEV.io

From 2017 to 2020, France and the Netherlands were the dominant export partners for soybean oilcake in kind. France accounted for 67.2% of total flows, while the Netherlands contributed 13.6%, together making up 80.8% of total exports. Other partners accounted for the remaining volume.

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

Market behavior was characterized by volatility during these years. Exports in value terms hit their lowest point in 2018 and peaked in 2020, with a 3.9-fold amplitude between these years. In 2020, soybean oilcake exports from Nigeria amounted to 17,692 thousand US dollars, reflecting a dramatic reduction of 64.6% compared to the previous year.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(64.6%)	n/a	n/a	11.2%

Source: SHEV.io

From 2017 to 2020, France and the Netherlands continued to lead the list of markets for exports in value terms, together accounting for 80.8% of total flows. Other partners played a supplementary role in the export structure.

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 oilcake to Nigeria

Imports in kind, t

Cross-border shipments of soybean oilcake to Nigeria increased for the third consecutive year. In 2020, imports reached 4,565 tonnes, which is 156.3% higher compared to 2019. Between 2017 and 2020, imports grew by 197.5%, equating to an annualized rate of 43.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	15.5%	0.5%	156.3%	43.8%

Source: SHEV.io

From 2017 to 2020, China was the almost exclusive supplier of soybean oilcake to Nigeria in kind, accounting for 96.0% of total imports.

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

Nigeria's soybean oilcake imports increased for the third consecutive year. In 2020, Nigeria imported a total of 3,777 thousand US dollars of soybean oilcake, showing an uptick of 195.5% year-over-year. Over the period from 2017 to 2020, imports increased by 510.9%, with a compound annual growth rate of 82.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	75.2%	18.0%	195.5%	82.8%

Source: SHEV.io

From 2017 to 2020, 98.0% of total imports in value terms of soybean oilcake to Nigeria was directed to China, making this market overwhelmingly dominant.

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