Nigeria: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Nigeria

The Nigerien crude palm oil market rose to $X in 2022, growing by 2.8% against the previous year. Overall, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +24.4% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Nigeria

In value terms, crude palm oil production skyrocketed to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 193%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports from Nigeria

After two years of growth, overseas shipments of crude palm oil decreased by -10.4% to X tons in 2022. Overall, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 2,508%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports contracted to $X in 2022. Over the period under review, exports, however, saw resilient growth. The pace of growth was the most pronounced in 2015 when exports increased by 806%. 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

Ghana (X tons), Canada (X tons) and Niger (X tons) were the main destinations of crude palm oil exports from Nigeria, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +116.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude palm oil exported from Nigeria were Canada ($X), the United States ($X) and the Netherlands ($X), with a combined 38% share of total exports.

Among the main countries of destination, Canada, with a CAGR of +93.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, declining by -3.2% against the previous year. Over the period under review, the export price, however, posted a measured expansion. The growth pace was the most rapid in 2013 when the average export price increased by 746%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Ghana ($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 United States (+4.3%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Nigeria

After two years of growth, supplies from abroad of crude palm oil decreased by -33.7% to X tons in 2022. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 272% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude palm oil imports fell significantly to $X in 2022. Over the period under review, imports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2014 with an increase of 196% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest crude palm oil supplier to Nigeria, with a 40% share of total imports. Moreover, crude palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was held by Singapore (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +36.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-1.9% per year) and Singapore (+3.8% per year).

In value terms, India ($X), Malaysia ($X) and China ($X) were the largest crude palm oil suppliers to Nigeria, with a combined 71% share of total imports.

India, with a CAGR of +75.7%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, dropping by -7.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 68%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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