Nigeria’s soyabeans 600,000 tonnes annually output adds 0.05% to GDP

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The price of diesel across Nigeria increased by 4.91% to N205.67/litre in May 2018. However, in the Lagos area, diesel is now selling for N220/litre. This spike is likely to feed into commodity prices and consumer price inflation in June.

Our commodity in focus this week is Soybean, a major input for vegetable oil and soymilk. Nigeria currently produces 600,000 tonnes annually. Leading manufacturers of Soybean oil are Olam and Flour Mills of Nigeria. Its contribution to GDP is still a mere 0.05% with a potential of increasing astronomically.

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