Nigeria: Oilseeds and Products Annual
Despite being one of the largest oil palm-producing countries, Nigeria relies on imports to bridge its supply gap. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of the prevailing strong domestic and international market demand and high prices. In MY 2023/24, FAS Lagos forecast that Nigeria will require 400,000 MT of palm oil supply to meet its demand. On the soybean front, low production negatively affects domestic supply.