Current Prices of Palm Oil in Nigeria

Palm oil stands as a cornerstone in Nigerian households, not only as a culinary staple but also as a versatile commodity with various applications in manufacturing. In this blog post, we delve into the current market prices of palm oil in different regions of Nigeria, exploring the factors influencing its cost. Additionally, we highlight the myriad health benefits that make palm oil a valuable addition to your diet.

Current Palm Oil Prices in Nigeria: A Regional Breakdown

Palm oil prices vary across Nigeria, with different markets reflecting the dynamic nature of this essential commodity.

• Mushin Market, Lagos: N17,000 – N19,500 (25L)
• Daleko Market, Lagos: N17,500 – N19,900 (25L)
• Aguda Market, Lagos: N18,000 – N20,500 (25L)
• Mile 2 Market, Lagos: N18,000 – N20,300 (25L)
• Abuja Market: N22,000 – N25,000 (25L)
• Port Harcourt Market: N25,000 – N28,000 (25L)
• Enugu Market: N20,000 – N26,000 (25L)
• Oyo Market: N20,000 – N23,000 (25L)

Factors Influencing Palm Oil Prices in Nigeria

Several factors contribute to the fluctuation in palm oil prices:

1. Seasonal Variations: Harvested between March and May, palm oil experiences an abundance in supply, leading to lower prices. However, scarcity during September to December can drive prices upward.
2. Regional Disparities: Prices are generally lower in the South Eastern and Niger Delta regions but tend to be higher in the middle belt regions, with the South Western parts of Nigeria falling in between.

Health Benefits of Palm Oil: Beyond the Kitchen

Beyond its culinary uses, palm oil boasts numerous health benefits:

1. Cancer Prevention: Rich in antioxidants, palm oil helps eliminate free radicals, reducing the risk of cancer.
2. Vitamin Powerhouse: A source of Vitamin K, E, A, and D, palm oil supports blood clotting, skin health, vision, and bone strength.
3. Omega-3 Fatty Acids: These acids contribute to maintaining muscular structure, slowing brain aging, and protecting against inflammatory processes.
4. Energy Source: Palm oil provides sustained energy, thanks to beta-carotene, contributing to hormonal balance.
5. Anti-Thrombotic Properties: Studies suggest palm oil plays a role in preventing thrombosis, particularly in those who are overweight or lead a sedentary lifestyle.
6. Pregnancy Support: Regular consumption during pregnancy aids in effective baby growth and development, mitigating the effects on the mother’s body.

Preserving Palm Oil:

For aspiring palm oil traders, preserving the commodity is crucial. Palm oil, when stored correctly at room temperature (30 degrees Celsius) in glass or stainless steel containers, can retain its quality for up to a year. However, it’s advisable not to store it for more than six months.

Conclusion:

Palm oil, a vital ingredient in Nigerian households, goes beyond its culinary applications, offering health benefits and economic opportunities. Understanding the market dynamics, factors influencing prices, and the extensive health advantages positions palm oil as a valuable asset in various aspects of daily life. Whether consumed for its rich nutritional profile or traded for economic gain, palm oil remains a cornerstone in Nigeria’s vibrant landscape.