Nigeria: Olive Oil Market 2024

Olive Oil Market Size in Nigeria

The Nigerien olive oil market surged to $X in 2022, jumping 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). Over the period under review, consumption, however, saw a deep slump. Olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Exports

Exports from Nigeria

In 2022, approx. X tons of olive oil and its fractions were exported from Nigeria; picking up by 66% compared with the previous year's figure. Over the period under review, exports showed a pronounced increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,016%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, olive oil exports surged to $X in 2022. Overall, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 718% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin (X tons), the United Arab Emirates (X tons) and South Africa (X kg) were the main destinations of olive oil exports from Nigeria, with a combined 94% share 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 ($X) emerged as the key foreign market for olive oil and its fractions exports from Nigeria, comprising 47% of total exports. The second position in the ranking was taken by Benin ($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 totaled +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 olive oil export price amounted to $X per ton, falling by -7.1% against the previous year. Over the period under review, the export price, however, saw a moderate expansion. The most prominent rate of growth was recorded in 2014 an increase of 119%. The export price peaked at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: 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.

Olive Oil Imports

Imports into Nigeria

In 2022, after two years of decline, there was significant growth in overseas purchases of olive oil and its fractions, when their volume increased by 20% to X tons. Over the period under review, imports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2019 with an increase of 167% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, olive oil imports surged to $X in 2022. Overall, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 88%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

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

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +19.9%), while purchases for the other leaders experienced a decline.

In value terms, the largest olive oil suppliers to Nigeria were Spain ($X), the United States ($X) and Italy ($X), with a combined 74% share of total imports.

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

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, with an increase of 3.2% against the previous year. Over the period under review, import price indicated a tangible expansion 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, olive oil import price increased by +127.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 112% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: 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