Nigeria: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Nigeria

The Nigerien crude soybean oil market contracted modestly to $X in 2022, declining by -4% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2021, and then fell slightly in the following year.

Crude Soybean Oil Production in Nigeria

In value terms, crude soybean oil production declined slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 37% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Nigeria

After two years of decline, shipments abroad of crude soybean oil increased by 8.7% to X tons in 2022. Overall, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 320%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude soybean oil exports rose rapidly to $X in 2022. Over the period under review, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 260%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Niger (X tons) was the main destination for crude soybean oil exports from Nigeria, with a 67% share of total exports. Moreover, crude soybean oil exports to Niger exceeded the volume sent to the second major destination, Canada (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger totaled -16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Belgium (+256.4% per year).

In value terms, Niger ($X) remains the key foreign market for crude soybean oil exports from Nigeria, comprising 81% of total exports. The second position in the ranking was taken by Canada ($X), with a 10% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Niger totaled -14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Belgium (+38.0% per year).

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 58% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+1.7%).

Crude Soybean Oil Imports

Imports into Nigeria

In 2022, supplies from abroad of crude soybean oil decreased by -75.3% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 8,681%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports plummeted to $X in 2022. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2020 with an increase of 9,464% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Argentina (X tons) was the main supplier of crude soybean oil to Nigeria, with a approx. 100% share of total imports.

From 2014 to 2022, the average annual growth rate of volume from Argentina amounted to +99.5%.

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Nigeria.

From 2014 to 2022, the average annual growth rate of value from Argentina stood at +151.8%.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, rising by 22% against the previous year. Over the period under review, the import price enjoyed a significant increase. The growth pace was the most rapid in 2021 when the average import price increased by 29% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for Argentina.

From 2014 to 2022, the rate of growth in terms of prices for Argentina amounted to +26.2% per year.

Source: IndexBox Platform

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