Nigerian consumers give soybean oil high marks for health and quality benefits ? compared with other vegetable oils. FAS Lagos forecasts Nigeria’s soybean oil imports in MY 2021/22 to reach 10,000 metric tons (MT), growing by more than 9,000 metric tons (MT) compared to the USDA official MY 2020/21 estimate of 1,000 metric tons.
Why did soybean production increase in Nigeria?
The production increase is attributable to favorable grower prices and sustained high demand for soy meal by the poultry sector. FAS Lagos forecasts Nigeria’s soybean oil consumption in MY 2021/22 to reach 170,000 metric tons (MT), up nearly 58 percent greater than the USDA official MY 2020/21 estimate of 112,000 metric tons (MT).
Where is the world’s largest soybean biodiesel plant located?
Used to store and ship grains, produce soybean oil, flour and biodiesel, LDC’s General Lagos plant was completed 25 years ago. And since then, the facility located in Argentina’s Santa Fe province, where the Paraná and Salado rivers meet, has become the world’s largest soybean biodiesel production plant.
How will Nigeria’s soybean oil market perform in 2021/22?
FAS Lagos forecast Nigeria’s soybean oil beginning stocks in MY 2021/22 at 25,000 metric tons (MT) and ending stock of 20,000 metric tons (MT). Industry sources indicate that growers and crushers are expecting price increases for soybean oil, leading many to hold back product while anticipating better prices.