Palm Oil Prices in Nigeria
| Variety | Market level | Price (US$/kg) | Local (NGN) | MoM | YoY | Source |
|---|---|---|---|---|---|---|
| - | Farmgate | 1.16 | 536 | n/a | n/a | FAOSTAT Producer Prices |
| - | Global benchmark | 1.14 | 525 | ▼ 0.6% | ▲ 25.6% | World Bank Pink Sheet |
| - | Export (unit value) | 0.34 | 159 | ▼ 31.3% | ▼ 31.3% | UN Comtrade (unit value) |
As of June 2026, the palm oil price in Nigeria available is US$ 1.16 per kg (536 NGN).
Nigeria exported 444 tonnes of palm oil in 2024, valued at US$152,966, ranking #34 among 65 exporters and accounting for 0.0% of global exports. The country is a net exporter. In 2023, Nigeria produced 1,460,000 tonnes of palm oil, ranking #5 globally and contributing 1.8% of world output. The latest farmgate price is US$1.1628 per kg.
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Palm Oil Price History & Trend
Global benchmark (world reference) price for palm oil, US$ per kg.
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Use this data freely with attribution to Selina Wamucii.
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Production, Exports, Imports & HS Codes - palm oil in Nigeria
Nigeria exported 444 tonnes of palm oil in 2024, valued at US$152,966, ranking #34 among 65 exporters and accounting for 0.0% of global exports. The country is a net exporter. In 2023, Nigeria produced 1,460,000 tonnes of palm oil, ranking #5 globally and contributing 1.8% of world output. The latest farmgate price is US$1.1628 per kg.
Exports UN Comtrade · 2024
In 2024, Nigeria exported $153K (444.3 t) of palm oil▲ 212.8% YoY. That ranks #34 worldwide (0% of global exports).
Export value by year (US$)
Export volume by year
Top palm oil exporters worldwide UN Comtrade · 2024
- #1 Malaysia $3.3B · 38.2%
- #2 Indonesia $2.72B · 31.4%
- #3 Thailand $737.8M · 8.5%
- #4 Guatemala $444.6M · 5.1%
- #5 Colombia $339.5M · 3.9%
Annual export data Nigeria · UN Comtrade
| Year | Export value (US$) | Volume | Avg price/kg |
|---|---|---|---|
| 2024 | $153K | 444.3 t | $0.34 |
| 2023 | $48.9K | 97.6 t | $0.5 |
| 2022 | $28.4K | 99.3 t | $0.29 |
| 2021 | $49K | 70.9 t | $0.69 |
| 2020 | $4.2K | 2 t | $2.12 |
Production FAOSTAT · 2023
Nigeria produced 1.46 Mt of palm oil in 2023▲ 2.8% YoY. It ranks #5 among producing countries (1.8% of world output).
Production by year (tonnes)
HS Code
palm oil is traded under Harmonized System code 1511.10. Trade figures above are compiled for this HS heading.
Sources: trade & HS - UN Comtrade; production - FAOSTAT (FAO). Values are official reported figures.