Elementor #6332

Monthly report of price data, Nigerian Institute for Oil Palm Research (NIFOR)

Department of Extension and Economics, Agricultural Economics Division

For the Months of

January 2024- December 2024

Issue no 1, volume 1

Introduction

This report presents current monthly prices for Nigerian Institute for oil palm research for Palm oil, Palm kernel, Coconut, Shea butter, and Date palm fruits in Nigeria.

Sources
The statistics appearing in the report are obtained from the monthly price data collected from the different geopolitical zones of Nigeria and compiled by the Agricultural Economics Division of the Nigerian Institute for Oil palm Research (NIFOR), Benin City, Nigeria.

Units of measurement

The unit used in all tables were converted to kilogram. One kilogram of oil was measure as 1.125 liter, while small, medium and big size coconut were taken as 0.3kg, 0.5kg and 0.7kg respectively.

1.1 Price Analysis of Palm oil.

The palm oil price on monthly bases across the country in the year 2024 is presented in table one. The analysis of the data collected showed that palm oil price was highest in Jigawa for the months of January (₦1,755,000), March (₦1,788,750), April (₦2,020,307), May (₦1,983,750), June (₦2,025,000), July (₦1,983,750), November (₦3,525,000) and December (₦4,102,500). Niger state recorded the highest price in February (₦1,800,000) and August (₦2,025,000). Nasarawa State recorded highest price in September (₦2,250,000) and October (₦2,700,000). The price of palm oil was lowest in Akwa Ibom state in the months of January (₦843,750), April (₦855,000) and December (₦1,575,000), while the lowest price in February (₦900,000), April (₦855,000), May (₦900,000), June (₦1,035,000), July (₦1,125,000), august (₦1,126,000) and November (₦1,710,000) were recorded in Bayelsa state. However, in September 2024, the lowest price of ₦1,350,000/ton of palm oil was recorded across Akwa Ibom, Bayelsa, Delta and Enugu states.

The monthly average price of palm oil in Nigeria is presented in figure one. The analysis showed that average Palm oil price per ton from January to December 2024 ranges from ₦1,166,979 to ₦2,473,500  with the lowest average price recorded in April  which coincided with peak production period. The highest price recorded in December 2024 also coincided with the lean production period. This price dynamics obey the relationship between supply and demand as prices tends to be lower at higher market supply and higher at lower market supply. However, the price of the commodity was generally high, which could be attributed to high input cost and the general inflation in the economy due to volatility of exchange rate and energy cost.