Nigeria: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Nigeria

The Nigerien virgin olive oil market surged to $X in 2022, growing by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a abrupt curtailment. Virgin olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Nigeria

Virgin olive oil exports from Nigeria soared to X tons in 2022, with an increase of 66% against the year before. In general, exports recorded a pronounced increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,016%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports skyrocketed to $X in 2022. Overall, exports enjoyed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 718%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Benin (X tons), the United Arab Emirates (X tons) and South Africa (X kg) were the main destinations of virgin olive oil exports from Nigeria, together accounting for 94% of total exports. Switzerland and Canada lagged somewhat behind, together accounting for a further 4.9%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +55.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for virgin olive oil exports from Nigeria, comprising 47% of total exports. The second position in the ranking was taken by Benin ($X), with a 21% share of total exports. It was followed by South Africa, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +40.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+24.6% per year) and South Africa (+18.6% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, with a decrease of -7.1% against the previous year. In general, the export price, however, recorded a temperate increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 119%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

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 Canada ($X per ton), while the average price for exports to South Africa ($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 Senegal (+72.6%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Nigeria

After two years of decline, purchases abroad of virgin olive oil increased by 20% to X tons in 2022. Over the period under review, imports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 167% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports surged to $X in 2022. Overall, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 88% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), China (X tons) and Italy (X tons) were the main suppliers of virgin olive oil imports to Nigeria, together accounting for 85% of total imports. The United States and the UK lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +19.9%), while imports for the other leaders experienced a decline.

In value terms, the largest virgin olive oil suppliers to Nigeria were Spain ($X), the United States ($X) and Italy ($X), together accounting for 74% of total imports.

The United States, with a CAGR of +17.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, with an increase of 3.2% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +127.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 112% against the previous year. The import price peaked at $X per ton in 2016; afterwards, it flattened through to 2022.

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 UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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