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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 2026/22 to reach 10,000 metric tons (MT), growing by more than 9,000 metric tons (MT) compared to the USDA official MY 2026/21 estimate of 1,000 metric tons.
How will Nigeria's soybean oil market perform in 2026/22?
FAS Lagos forecast Nigeria’s soybean oil beginning stocks in MY 2026/22 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.
Why did soybean production increase?
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 2026/22 to reach 170,000 metric tons (MT), up nearly 58 percent greater than the USDA official MY 2026/21 estimate of 112,000 metric tons (MT).
How oil seeds research & development works?
Currently, oilseeds research and development work across Nigeria is leading to increase productivity and efficiency of oil seeds processing –soybean and peanut particularly. FAS Lagos’ estimates and projections for all the categories of oil seeds and products for 2026/22 are higher than the USDA estimates of previous year.