Nigeria: Soya Bean Market 2025

Soya Bean Market Size in Nigeria

The Nigerien soya bean market rose remarkably to $X in 2021, increasing by 5.5% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Soya Bean Production in Nigeria

In value terms, soya bean production fell dramatically to $X in 2021 estimated in export price. Over the period under review, production posted a significant expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 5,240%. As a result, production reached the peak level of $X, and then declined remarkably in the following year.

In 2021, the average soya bean yield in Nigeria stood at X kg per ha, standing approx. at 2020 figures. Overall, the yield, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the yield increased by 29%. As a result, the yield reached the peak level of X kg per ha. From 2015 to 2021, the growth of the average soya bean yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of soya beans production in Nigeria rose notably to X ha, surging by 7.3% compared with the previous year. In general, the harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the harvested area increased by 76%. The soya bean harvested area peaked at X ha in 2017; however, from 2018 to 2021, the harvested area failed to regain momentum.

Soya Bean Exports

Exports from Nigeria

In 2021, the amount of soya beans exported from Nigeria reduced rapidly to X tons, shrinking by -73.4% against the year before. In general, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 17,218%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, soya bean exports reduced sharply to $X in 2021. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 30,972% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for soya bean exports from Nigeria, accounting for a 98% share of total exports. It was followed by France (X tons), with a 1.5% share of total exports.

From 2013 to 2021, the average annual growth rate of volume to India totaled +90.8%.

In value terms, France ($X) and India ($X) were the largest markets for soya bean exported from Nigeria worldwide.

Among the main countries of destination, India, with a CAGR of +63.1%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per ton, growing by 148% against the previous year. Overall, the export price, however, saw a perceptible curtailment. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was France ($X per ton), while the average price for exports to India totaled $X per ton.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+308.3%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Nigeria

In 2021, the amount of soya beans imported into Nigeria surged to X tons, jumping by 16% against the year before. Over the period under review, imports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 369%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, soya bean imports soared to $X in 2021. In general, imports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2018 when imports increased by 1,987% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Marshall Islands (X tons) and the United States (X tons) were the main suppliers of soya bean imports to Nigeria, with a combined 85% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +10.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Marshall Islands ($X) appeared to be the largest soya bean suppliers to Nigeria, with a combined 88% share of total imports.

China, with a CAGR of +7.3%, saw 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 2021, the average soya bean import price amounted to $X per ton, picking up by 4.8% against the previous year. In general, the import price enjoyed a modest increase. The most prominent rate of growth was recorded in 2018 an increase of 358% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Morocco ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cyprus (+140.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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