Nigeria: Oilseeds and Products Annual

Due to higher input costs associated with planting corn, rice, and other crops, soybean and peanut production is expected to increase in marketing year (MY) 2024/25. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of strong demand and high prices. Soybean exports are forecasted to significantly increase to 212,000MT in MY 2024/25 from just 7,000 MT in MY2023/24. This projected increase is due to higher production, lower domestic consumption, and higher export demand for Nigeria's non genetically-engineered beans, coupled with the devaluation of the naira encouraging local producers to export to acquire hard currency.