Nigeria's oilseed and by-product markets changing rapidly - Forecasts

Published 2021년 6월 30일

Tridge summary

Nigeria's population, at approximately 219 million in July 2021, has led to significant changes in the country's agricultural markets, especially in oilseeds and products. With 60% of the population under 24, the middle class is growing, driving demand for food, industrial, and feed uses. The Central Bank of Nigeria and private investment are also boosting the oil palm sector, with Nigeria's share of the palm oil market expected to rise from 2% to 5% in five years. FAS Lagos predicts a 23% increase in palm oilseed production and a 20% increase in soybean production for the 2021/22 marketing year due to increased domestic demand and private sector investment.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The population of Nigeria in July 2021 is estimated at approximately 219 million (CIA.gov). Structurally, 60% of this population is aged 24 and under. According to the National Bureau of Statistics (NBS), Nigerian households spent $ 40.2 trillion on consumption in 2019 ($ 98.7 billion at N405 per dollar), according to oilworld.ru citing the USDA. The markets for oilseeds and products in Nigeria are changing rapidly as demographic changes occur due to the growing numbers of the country's youth and middle class. The three main channels of use (food consumption, industrial use and feed use) are experiencing steady growth. Nigeria's oil palm sector is expanding thanks to the actions of the Central Bank of Nigeria (CBN) and private sector investment. Several CBN initiatives targeting oil palm production in the southern states. The country's share of the palm oil market is expected to increase from 2% to 5% over the next 5 years. years. Private companies are building new estates with ...

Source: Zol