Browse Data and Analysis

Nigeria continues to strive for self-sufficiency in oil palm production. Currently, production remains stable. Meanwhile, demand for palm oil outweighs supply. Nigeria meets the supply gap in oil palm through imports from Malaysia, China, and Côte d’Ivoire.

For marketing year (MY) 2022/23 Post projects continued expansion of soybean planted acreage to 1.225 million hectares (HA) and production of 2.8 million metric tons (MMT).

Nigeria’s oil palm sector contributes to economic development at all levels – national and state. Currently, the country's demand for palm oil outweighs its supply.

Post reduces estimated 2020/2021 soybean production to 2.125 million tons on dry conditions in February and early March, resulting in reduced exports of 1.97 million tons.

Post reduces estimated 2020/2021 soybean production to 2.125 million tons on dry conditions in February and early March, resulting in reduced exports of 1.97 million tons.

In June 2019, the Nigerian government formulated a new policy to invest some $500 million in expanded palm oil production.

Post forecasts 2017/18 area planted to remain stagnant at 1.2 million hectares. This area and a return to historical yields are forecast to produce 3 million tons.

Post forecasts 2016/17 production area at 1.1 million hectares, a decrease of 8 percent from Post’s area estimate of 15/16.

In a time of tight margins due to lower commodity prices, only soybeans make financial sense.