alue of Nigerian soybean oil seed in global market reached N353.1billion ($967. 5million) between January 2018 and October 2019.
Currently, the global price of the oil is $450 per tonne as at November 2019.
Already, soybean oil has become the major ingredient in the production of chicken feed across the country as poultry farmers now depend on it to feed their birds.
Data by Index Mundi, a global trade portal, revealed that the country had produced 2.15 million tonnes of the oil seed.
Findings by New Telegraph revealed that the importation of soybeans by Nigeria had come down to zero because of huge investments in production of the beans through the anchor borrower scheme introduced by the Central Bank of Nigeria (CBN).
In 2018, the country produced 1.05million tonnes of the beans, while a total of 1.10million tonnes was produced in the last 10 months from the 1.29 million tonnes production harvested between 2018 and 2019.
The local tonnage of the beans has made the country become the largest producer of the beans in sub-Saharan Africa.
Findings also show that Olam, an agro- business company, emerged as the largest buyer of Nigerian soybean from local farmers and traders.
The company had created an export market for the country’s beans and it accounts for the bulk of soybean export because of the surplus to domestic needs.
Prior to 2016, there was no export market for the bean. The sudden rise in the local production has led to a crash in its importation.
Data from the National Bureau of Statistics (NBS) revealed that a total of N14.2 billion soybeans were exported in the last one year, following 60 per cent increase in production.
In the past, the country was only able to produce 731,000 tonns between 2015 and 2016.
Before the huge production, statistic by the Nigerian Ports Authority (NPA)’s shipping position revealed that the country imported some 825,000 tonnes of the beans from United States between 2015 and 2017 as infant food manufacturers in the country depended on the beans as alternative to cow milk because of its high nutritional value.
In 2017, the country took delivery of some 47, 476 metric tonnes through the Lagos Port Complex in Apapa.
Within the period, MV Noro Shanghai and MV Marina L. berthed with 30,476 metric tonnes and 17,000 metric tonnes of soybeans respectively.
Also, it imported 275,000 tonnes annually in 2015. Between 2014 and 2013 the country imported 121, 000 tonnes and 100,000 tonnes respectively to support local demand.
Meanwhile, the Poultry Association of Nigeria (PAN) had complained that the beans price had skyrocketed and the commodity had disappeared from the market.
It explained that SALMA Oil Mills in Kano, Grand Cereals in Jos, ECWA Feeds in Jos, AFCOT Oil Seed Processors now depended on the commodity for their production.