Nigeria: Refined Olive Oil Market 2025

Refined Olive Oil Market Size in Nigeria

The Nigerien refined olive oil market reduced modestly to $X in 2022, which is down by -3.6% against the previous year. In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.2% against 2019 indices. Refined olive oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in Nigeria

In value terms, refined olive oil production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -14.0% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 50% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Nigeria

In 2022, approx. X tons of refined olive oil were exported from Nigeria; waning by -40.2% on 2021 figures. Overall, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 139%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports fell rapidly to $X in 2022. In general, exports, however, recorded a significant increase. The growth pace was the most rapid in 2021 when exports increased by 208% against the previous year. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

Benin (X kg) was the main destination for refined olive oil exports from Nigeria, with a 30% share of total exports. Moreover, refined olive oil exports to Benin exceeded the volume sent to the second major destination, Sweden (X kg), threefold. South Africa (X kg) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin amounted to +71.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+31.4% per year) and South Africa (-12.0% per year).

In value terms, the largest markets for refined olive oil exported from Nigeria were Belgium ($X), South Korea ($X) and Benin ($X), with a combined 26% share of total exports.

Belgium, with a CAGR of +492.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, increasing by 11% against the previous year. Over the period under review, the export price saw a prominent increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 53%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to South Africa ($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 Belgium (+38.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Nigeria

In 2022, purchases abroad of refined olive oil decreased by -10.6% to X tons, falling for the second consecutive year after two years of growth. Overall, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 421%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined olive oil imports surged to $X in 2022. Over the period under review, imports continue to indicate a pronounced slump. The growth pace was the most rapid in 2020 when imports increased by 561%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main refined olive oil supplier to Nigeria, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +121.8%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of refined olive oil to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at +108.3%.

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, increasing by 57% against the previous year. In general, the import price saw a moderate increase. The most prominent rate of growth was recorded in 2016 an increase of 71%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +33.2% per year.

Source: IndexBox Platform

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