Over the forecast period, edible oils is expected to grow strongly in retail volume and value (constant 2022 prices) terms, driven particularly by improved economic conditions and a more stable exchange rate, which should help to offer some stability to unit prices. Population growth, particularly in urban areas, is also predicted to drive sales growth, especially as this category is perceived to be essential for the Nigerian cuisine, which significantly features fried food, such as fried meat, fried bean cake (akara), and fried yam/potato and eggs.
Consisting largely of groundnut oil and vegetable oil made from palm olein (the liquid component of palm oil), “other” edible oil dominates retail sales. These products are traditionally popular for frying and making various rice delicacies.
Unknown traditionally in Nigeria, olive oil is becoming more popular due to Westernisation trends, which is leading to greater visibility in modern retail channels. The presence of olive oil on retailers’ shelves is set to increase as the economy improves over the forecast period.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.See All of Our Definitions
This report originates from Passport, our Edible Oils research and analysis database.
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