soybean oil seed wholesale in Lagos

Lagos Soybean Oil Suppliers and Manufacturers

  • soybean oil seed wholesale in Lagos
  • soybean oil seed wholesale in Lagos
  • soybean oil seed wholesale in Lagos
  • soybean oil seed wholesale in Lagos

Lagos Soybean Suppliers and Manufacturers

Report Name: Oilseeds and Products Annual USDA

Nigerian Soybean Oil Market Value Hits N353.1bn

Nigeria: Oilseeds and Products Annual USDA Foreign

  • Is soybean oil good for Nigeria?
  • Nigerian consumers give soybean oil high marks for health and quality benefits – compared with other vegetable oils. FAS Lagos forecasts Nigeria’s soybean oil imports in MY 2021/22 to reach 10,000 metric tons (MT), growing by more than 9,000 metric tons (MT) compared to the USDA official MY 2020/21 estimate of 1,000 metric tons.
  • How will Nigeria's soybean oil market perform in 2021/22?
  • FAS Lagos forecast Nigeria’s soybean oil beginning stocks in MY 2021/22 at 25,000 metric tons (MT) and ending stock of 20,000 metric tons (MT). Industry sources indicate that growers and crushers are expecting price increases for soybean oil, leading many to hold back product while anticipating better prices.
  • How much soybean is consumed in Nigeria?
  • FAS Lagos forecasts Nigeria’s soybean consumption in MY 2021/22 to reach 1.275 million metric tons (MMT), up 38 percent compared to the USDA official MY 2020/21 estimate. Consumption is growing in response to greater demand in food processing and feed use.
  • Why did soybean production increase in Nigeria?
  • The production increase is attributable to favorable grower prices and sustained high demand for soy meal by the poultry sector. FAS Lagos forecasts Nigeria’s soybean oil consumption in MY 2021/22 to reach 170,000 metric tons (MT), up nearly 58 percent greater than the USDA official MY 2020/21 estimate of 112,000 metric tons (MT).

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