Nigeria: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Nigeria

The Nigerien crude palm oil market rose remarkably to $X in 2022, growing by X% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Nigeria

In value terms, crude palm oil production soared to $X in 2022 estimated in export price. Over the period under review, production posted a strong expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Crude palm oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Crude Palm Oil Exports

Exports from Nigeria

Crude palm oil exports from Nigeria reduced remarkably to X tons in 2022, waning by X% on 2021 figures. Overall, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, crude palm oil exports reduced dramatically to $X in 2022. Over the period under review, exports saw a deep slump. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Africa (X tons) was the main destination for crude palm oil exports from Nigeria, with a X% share of total exports. Moreover, crude palm oil exports to South Africa exceeded the volume sent to the second major destination, South Korea (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and the United States (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for crude palm oil exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and South Korea (X% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price, however, enjoyed a measured expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2021, and then shrank remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Africa ($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 Ghana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Nigeria

After two years of growth, supplies from abroad of crude palm oil decreased by X% to X tons in 2022. In general, imports, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, crude palm oil imports shrank sharply to $X in 2022. Overall, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest crude palm oil supplier to Nigeria, with a X% share of total imports. Moreover, crude palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Cote d'Ivoire (X tons), sixfold. Singapore (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Singapore (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of crude palm oil to Nigeria, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, declining by X% against the previous year. Overall, the import price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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