Nigeria: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Nigeria

The Nigerien refined soybean oil market fell to $X in 2022, shrinking by -5.6% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Soybean Oil Production in Nigeria

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 58%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Refined Soybean Oil Exports

Exports from Nigeria

In 2022, overseas shipments of refined soybean oil and its fractions were finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 when exports increased by 609%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined soybean oil exports surged to $X in 2022. Overall, exports, however, continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by 400%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Niger (X kg) was the main destination for refined soybean oil exports from Nigeria, accounting for a 59% share of total exports. Moreover, refined soybean oil exports to Niger exceeded the volume sent to the second major destination, the Netherlands (X kg), threefold.

From 2012 to 2022, the average annual growth rate of volume to Niger amounted to -8.5%.

In value terms, Niger ($X) remains the key foreign market for refined soybean oil and its fractions exports from Nigeria, comprising 58% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Niger totaled -2.3%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, with an increase of 2.5% against the previous year. Overall, the export price posted a perceptible increase. The growth pace was the most rapid in 2018 when the average export price increased by 98%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Niger totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+6.8%).

Refined Soybean Oil Imports

Imports into Nigeria

After four years of growth, overseas purchases of refined soybean oil and its fractions decreased by -24.1% to X tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 146% against the previous year. As a result, imports reached the peak of X tons, and then fell significantly in the following year.

In value terms, refined soybean oil imports declined rapidly to $X in 2022. In general, imports saw a pronounced curtailment. The pace of growth was the most pronounced in 2021 with an increase of 261%. As a result, imports reached the peak of $X, and then declined significantly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest refined soybean oil supplier to Nigeria, accounting for a 77% share of total imports. Moreover, refined soybean oil imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +39.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-15.0% per year) and the United States (+19.5% per year).

In value terms, China ($X) constituted the largest supplier of refined soybean oil and its fractions to Nigeria, comprising 71% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 18% share of total imports. It was followed by the United States, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +34.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-15.6% per year) and the United States (+21.1% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, shrinking by -15.9% against the previous year. Over the period under review, the import price showed a perceptible curtailment. The growth pace was the most rapid in 2021 an increase of 47% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 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 Benin ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+1.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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