Production of palm oil in Nigeria 2009-2023
In 2023, the production of palm oil in Nigeria reached 1.4 million metric tons. Between 2009 and 2023, the production quantity generally increased, registering the highest growth in 2010, when it grew by roughly 14 percent. From 2014 onwards, the output from palm oil production followed a rising trend. Nigeria is one of the leading producers of palm oil worldwide.
Growing domestic palm oil consumption
Around 1.9 million metric tons of palm oil were expected to be consumed in Nigeria as of the 2023/2024 crop year. This represented a peak in consumption compared to the ten preceding years, indicating that the farm product is one of the major crops in the country with a growing domestic need. Most palm oil is for industrial purposes, while a smaller percentage is used by households.
Nigeria imports palm oil
In 2022, Nigeria imported over 370 million in palm oil, representing a decrease of around 36 percent compared to the preceding year. In fact, since 2015, palm oil imports into the country have mainly fluctuated in value. Malaysia, Cote d'Ivoire, and Indonesia were the main origins of palm oil imports in Nigeria as of 2022.
