Nigeria: Linseed Oil Market 2025

Linseed Oil Market Size in Nigeria

After three years of growth, the Nigerien linseed oil market decreased by -24.6% to $X in 2022. Overall, consumption, however, recorded a strong expansion. Over the period under review, the market reached the maximum level at $X in 2021, and then dropped markedly in the following year.

Linseed Oil Exports

Exports from Nigeria

After three years of growth, shipments abroad of linseed oil decreased by -34.2% to X kg in 2022. Overall, exports showed a abrupt curtailment. The growth pace was the most rapid in 2015 when exports increased by 13,136% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, linseed oil exports shrank dramatically to $X in 2022. Over the period under review, exports, however, saw a slight increase. The pace of growth was the most pronounced in 2015 when exports increased by 20,071%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Africa (X kg) was the main destination for linseed oil exports from Nigeria, accounting for a 89% share of total exports. Moreover, linseed oil exports to South Africa exceeded the volume sent to the second major destination, Ireland (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to South Africa amounted to +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (0.0% per year) and the Netherlands (-99.7% per year).

In value terms, the Netherlands ($X), South Africa ($X) and Ireland ($X) appeared to be the largest markets for linseed oil exported from Nigeria worldwide, together accounting for 95% of total exports.

South Africa, with a CAGR of +14.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, waning by -4.7% against the previous year. Over the period under review, the export price, however, continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 128%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to South Africa ($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 the Netherlands (+10,532.6%).

Linseed Oil Imports

Imports into Nigeria

In 2022, overseas purchases of linseed oil decreased by -23.2% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by 321% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined significantly in the following year.

In value terms, linseed oil imports contracted notably to $X in 2022. Overall, imports, however, recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 262%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced rapidly in the following year.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of linseed oil to Nigeria, accounting for a 84% share of total imports. Moreover, linseed oil imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. Italy (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore totaled +39.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+14.6% per year) and Italy (+10.9% per year).

In value terms, Singapore ($X) constituted the largest supplier of linseed oil to Nigeria, comprising 69% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Italy, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore amounted to +63.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.3% per year) and Italy (+16.4% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, which is down by -3.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 24%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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