Having spent over 25 years in Nigeria as a Nigerian, I think I’m qualified to make a few revelations about Nigeria’s most popular food item – The palm Oil. On this post, I’m going to be talking about the Prices of Palm Oil in Nigeria. While this post is entirely focused on making known palm oil prices in Nigeria, I would Also to reveal that some important details about Nigeria’s palm oil will be made public on this blog today. So sit tight and pay attention
It is important to know the prices of palm oil in Nigeria especially if you’re a Nigerian or a researcher who gets fascinated by the beauty of Nigerian dishes of which palm oil is a must-use ingredient in over 80% of our dishes.
Knowing the prices of palm oil in Nigeria will help you also if you’re an industrial person planning to use this natural oil as a raw material for whatever you intend to make or produce
Current Palm Oil Prices In Nigeria
Before anything else, I would like to make say that the average price of a bottle, litre or drum of palm oil is determined by a few factors which would be discussed after below
We are going to give the list of palm oil in Nigeria by categorizing the various standards units of measure used in selling Nigerian Palm oil
Current Price of 1 Bottle of Palm Oil in Nigeria
Umuahia Main Market – N320
Nkwo Nnewi Market – N400
Mangu Market – N520
Igbudu Market – N370
Bodija Market – N350
Dawanau Market – N430
Gombe Main Market – N400
Mile 12 Market – 490
Current Price of 25 Litre of Palm Oil in Nigeria
Umuahia Main Market – 5600
Nkwo Nnewi – 9200
Mangu Market – 15200
Igbudu Market – 7,500
Bodija Market – 11300
Dawanau Market – 11000
Gombe Main Market – 10800
Mile 12 Market – 12,000
factors Affecting Price of Palm Oil In Nigeria
From what we have on the list above, it could be seen that price of Palm oil in Nigeria is very low in most eastern states and this could be linked with the fact that palm oil is mostly produced in most eastern states like Abia, Imo, etc.
Thus, it is very easy to buy at a cheap price from Nigeria’s eastern zone while those in northern and western regions will buy at a very high price because of the cost of converging these goods from the East to Northern Nigeria
Season Of the Year
Aside from your location, another important factor that affects the price of palm oil in Nigeria is a season. In the eastern part of Nigeria, palm oil is mostly harvested from March till May, this is the period when palm oil is cheap, this a lot of wholesalers storm these regions and buy palm oil to stock their reservoir pending when the season of harvest ends after which price of oil will increase.
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Let’s not forget that palm oil is also very expensive during the festive seasons since it gets a lot of demand at this period and as economists say, an increase in demand always means an increase in the price of the commodity.
Another reason that nay affect price of palm oil in Nigeria is insecurity. For residents in the Northern regions of Nigeria, it takes a wholesaler to bring this essential commodity from the eastern region to the northern states. Following the current rate of crimes, kidnap and incessant killings of travellers along northern routes, marketers may be a way of keeping themselves safe refuse to travel to the eastern states to get oil. This may lead to scarcity and thus, an artificial increase in price
We have seen the current price of palm oil in Nigeria as well as the factors that affect the price of this commodity in Nigeria, however, we would love to see other important facts about Nigeria’s Palm Oil
Health Reasons Why Nigerians Prefer Palm Oil
In this section, we are going to look at a few reasons, health reasons why most Nigerians stick to palm oil regardless of what other cooking oils sell in the market
1. Palm Oil is Rich In Vitamin K, E, D And A
Vitamin K is one dietary values of palm oil. Little wonder every mother always wants to have it boil in their cooking pot. Vitamin K is known for its ability to facilitate effective blood-clotting Mechanisms. This simply means by eating palm oil, your body system gets the necessary mechanisms to prevent excessive blood loss and this it does by ensuring you don’t bleed too much when you get an injury
Aside from preventing excessive blood loss, vitamin K helps the body build-essential defense so that certain drugs and antibiotics won’t have bad effects on you
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Nigeria’s palm oil is also rich in Vitamin E which contains necessary antioxidants required to protect the skin and body organs for elderly people, it keeps the Heart working perfectly fine as well as keeps Atherosclerosis far away from anyone that eats a lot of palm oil
Other vitamins present in Palm Oil include Vitamin D which helps to build a healthy body, bones as well as proper tooth formation.
Vitamin A helps in vision and excites body cells to function appropriately. Vitamin A also encourages the production of enzyme necessary for the regulation of processes that enhances growth in the human body
2. Palm Oil Provides Fatty Acids
As a researcher, you would be shocked to learn palm oil is rich in Omega-3 Fatty acids.
Omega -3 fatty acids help the body slow down every effect ageing would have on the brain, Omega-3 fatty acids help Alzheimer induced dementia.
In other research, palm oil has been said to be able to protect the human body from certain inflammatory processes such as Arthritis, etc.
Well, we’ve seen a lot about Palm oil in Nigeria, we’ve talked about Current Prices of Palm Oil In Nigeria,
Factors affecting the price of palm oil in Nigeria as well as health benefits of palm oil consumption and I feel this is enough for everyone
However, to preserve palm oil, you must know where to buy at a very cheap price and sell off when prices go up during the scarce seasons of festivals.
As long as you keep palm oil properly and ensure storage at a constant temperature of 30°C, you’ll never meet it in a bad condition.
Storage Of Palm Oil
Store Palm oil in Jerrycans, Clean drums, bottles and ensure you store in temperatures not exceeding 31°C and I promise it’ll be there, fresh and ready whenever you need it
That’s all for palm oil today, you can see Prices of Other foodstuffs in Nigeria Below
Prices Of Foodstuffs In Nigeria