Nigeria: Soya Bean Market 2022

Soya Bean Market Size in Nigeria

The Nigerien soya bean market rose to $X in 2021, surging by X% against the previous year. Over the period under review, consumption, however, saw a abrupt decrease. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Soya Bean Production in Nigeria

In value terms, soya bean production reached $X in 2021 estimated in export price. In general, production, however, saw a perceptible reduction. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

The average yield of soya beans in Nigeria rose notably to X tons per ha in 2021, growing by X% compared with 2020 figures. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the yield increased by X%. The soya bean yield peaked in 2021 and is likely to see steady growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of soya beans were harvested in Nigeria; remaining constant against the year before. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. The soya bean harvested area peaked at X ha in 2017; however, from 2018 to 2021, the harvested area failed to regain momentum.

Soya Bean Exports

Exports from Nigeria

In 2021, the amount of soya beans exported from Nigeria stood at X tons, remaining stable against 2020 figures. In general, exports showed a significant expansion. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, soya bean exports stood at $X in 2021. Overall, exports showed a significant increase. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

India (X tons) was the main destination for soya bean exports from Nigeria, accounting for a X% share of total exports. Moreover, soya bean exports to India exceeded the volume sent to the second major destination, Pakistan (X tons), ninefold. The third position in this ranking was held by China (X tons), with a X% share.

From 2012 to 2021, the average annual growth rate of volume to India amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and China (X% per year).

It was followed by China, with a X% share.

From 2012 to 2021, the average annual growth rate of value to India totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and China (X% per year).

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per ton, remaining stable against the previous year. Overall, the export price continues to indicate a significant expansion. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2021, the highest price was recorded for prices to Pakistan ($X per ton) and India ($X per ton), while the average price for exports to China ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Nigeria

In 2021, the amount of soya beans imported into Nigeria contracted dramatically to X tons, with a decrease of -X% compared with the previous year's figure. Over the period under review, imports showed a dramatic decline. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, soya bean imports contracted remarkably to $X in 2021. In general, imports faced a dramatic slump. The pace of growth was the most pronounced in 2019 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of soya bean to Nigeria, accounting for a X% share of total imports. Moreover, soya bean imports from China exceeded the figures recorded by the second-largest supplier, Marshall Islands (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Marshall Islands (X% per year) and the United States (-X% per year).

In value terms, the largest soya bean suppliers to Nigeria were the United States ($X), China ($X) and Marshall Islands ($X), together comprising X% of total imports.

Marshall Islands, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average soya bean import price amounted to $X per ton, surging by X% against the previous year. Over the last nine years, it increased at an average annual rate of +X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Morocco ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

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