Report Update Jan 1, 2025

Nigeria - Refined Maize (Corn) Oil - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Refined Maize Oil Market 2025

Refined Maize Oil Market Size in Nigeria

In 2021, the Nigerien refined maize oil market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption showed a strong expansion. Refined maize oil consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Nigeria

In value terms, refined maize oil production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production showed strong growth. The pace of growth was the most pronounced in 2015 with an increase of 77% against the previous year. Refined maize oil production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Refined Maize Oil Exports

Exports from Nigeria

In 2021, overseas shipments of refined maize (corn) oil were finally on the rise to reach X kg after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 160%. As a result, the exports reached the peak of X kg. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports surged to $X in 2021. In general, exports, however, continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2018 with an increase of 179% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Africa (X kg) was the main destination for refined maize oil exports from Nigeria, accounting for a 92% share of total exports. Moreover, refined maize oil exports to South Africa exceeded the volume sent to the second major destination, Canada (X kg), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Africa stood at +8.0%.

In value terms, South Africa ($X) remains the key foreign market for refined maize (corn) oil exports from Nigeria, comprising 98% of total exports. The second position in the ranking was taken by Canada ($X), with a 2.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to South Africa amounted to +14.2%.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, growing by 16% against the previous year. Overall, the export price showed resilient growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+5.8%).

Refined Maize Oil Imports

Imports into Nigeria

In 2021, purchases abroad of refined maize (corn) oil decreased by -70.2% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, imports showed a deep slump. The growth pace was the most rapid in 2014 with an increase of 480% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports shrank sharply to $X in 2021. Overall, imports showed a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 297%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Belgium (X tons), Italy (X tons) and Lebanon (X tons) were the main suppliers of refined maize oil imports to Nigeria, together comprising 64% of total imports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +13.2%), while purchases for the other leaders experienced a decline.

In value terms, Lebanon ($X) constituted the largest supplier of refined maize (corn) oil to Nigeria, comprising 59% of total imports. The second position in the ranking was taken by Belgium ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Lebanon amounted to +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-23.1% per year) and Italy (+10.8% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, picking up by 23% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lebanon (+13.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined maize (corn) oil in the world?

China remains the largest refined maize oil consuming country worldwide, accounting for 18% of total volume. Moreover, refined maize oil consumption in China exceeded the figures recorded by the second-largest consumer, India, twofold. The United States ranked third in terms of total consumption with a 4% share.

What are the largest producers of refined maize (corn) oil in the world?

China constituted the country with the largest volume of refined maize oil production, accounting for 19% of total volume. Moreover, refined maize oil production in China exceeded the figures recorded by the second-largest producer, India, twofold. The United States ranked third in terms of total production with a 4.9% share.

What are the leading suppliers of refined maize (corn) oil to Nigeria?

In value terms, Belgium constituted the largest supplier of refined maize oil to Nigeria, comprising 57% of total imports. The second position in the ranking was occupied by Lebanon, with a 27% share of total imports. It was followed by Spain, with an 8.7% share.

What are the leading importers of refined maize (corn) oil from Nigeria?

In value terms, South Africa $269) remains the key foreign market for refined maize oil exports from Nigeria, comprising 97% of total exports. The second position in the ranking was occupied by Canada $9), with a 3.2% share of total exports.

What is the average export price for refined maize (corn) oil in Nigeria?

In 2021, the average refined maize oil export price amounted to $2,482 per ton, declining by -6.4% against the previous year.

What is the average import price for refined maize (corn) oil in Nigeria?

In 2021, the average refined maize oil import price amounted to $1,615 per ton, growing by 13% against the previous year.

This report provides an in-depth analysis of the refined maize oil market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10621460 - Refined maize (corn) oil and its fractions (excluding chemically modified)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024