Soyabean Oil Prices in Nigeria
| Variety | Market level | Price (US$/kg) | Local (NGN) | MoM | YoY | Source |
|---|---|---|---|---|---|---|
| - | Global benchmark | 1.78 | 818 | ▲ 8.0% | ▲ 52.6% | World Bank Pink Sheet |
| - | Export (unit value) | 0.49 | 225 | n/a | n/a | UN Comtrade (unit value) |
As of June 2026, the soyabean oil price in Nigeria available is US$ 0.49 per kg (225 NGN).
Nigeria exported 167 tonnes of soyabean oil in 2020, valued at US$81,719, ranking 62nd among 77 exporters and accounting for 0.0% of global exports. The country is a net exporter. In 2023, Nigeria produced 140,500 tonnes of soyabean oil, ranking 28th globally and representing 0.2% of world output, with a 5.2% year-on-year increase. The latest export unit value is US$0.4887 per kg.
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Soyabean Oil Price History & Trend
Global benchmark (world reference) price for soyabean oil, US$ per kg.
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Production, Exports, Imports & HS Codes - soyabean oil in Nigeria
Nigeria exported 167 tonnes of soyabean oil in 2020, valued at US$81,719, ranking 62nd among 77 exporters and accounting for 0.0% of global exports. The country is a net exporter. In 2023, Nigeria produced 140,500 tonnes of soyabean oil, ranking 28th globally and representing 0.2% of world output, with a 5.2% year-on-year increase. The latest export unit value is US$0.4887 per kg.
Exports UN Comtrade · 2020
In 2020, Nigeria exported $81.7K (167.2 t) of soyabean oil. That ranks #62 worldwide (0% of global exports).
Export value by year (US$)
Export volume by year
Top soyabean oil exporters worldwide UN Comtrade · 2020
- #1 Argentina $4.64B · 51.5%
- #2 Brazil $1.15B · 12.7%
- #3 Paraguay $409.2M · 4.5%
- #4 Turkey $348.5M · 3.9%
- #5 US $310.7M · 3.5%
Production FAOSTAT · 2023
Nigeria produced 140.5 kt of soyabean oil in 2023▲ 5.2% YoY. It ranks #28 among producing countries (0.2% of world output).
Production by year (tonnes)
HS Code
soyabean oil is traded under Harmonized System code 1507.10. Trade figures above are compiled for this HS heading.
Sources: trade & HS - UN Comtrade; production - FAOSTAT (FAO). Values are official reported figures.