Palm oil is one of the most widely consumed food commodities in Nigeria. Before we look at the current market prices of palm oil in Nigeria today, we’ll discuss some basic facts about this popular commodity.
Although it has many other uses, palm oil is majorly used for cooking and frying foods. The oil is extracted from the pulp of the oil palm fruit and is an excellent source of both saturated and unsaturated fatty acids, which provide the body with many benefits.
In addition to its use in the kitchen, palm oil is also used in soap manufacturing as a lubricant as well as in the manufacture of candles, water treatment products, drugs, printing ink, and many other products.
Palm Oil Prices in Nigeria Today
Here’s the detailed breakdown of current palm oil prices in some of the major markets in different parts of Nigeria.
|25 litres @ Bodija Market, Ibadan||N11,000|
|25 litres @ Dawanau Market, Kano||N10,500|
|25 litres @ Gombe Main Market, Gombe||N10,400|
|25 litres @ Igbudu Market, Delta||N7,000|
|25 litres @ Mangu Market, Plateau||N15,000|
|25 litres @ Mile 12 Market, Lagos||N11,850|
|25 litres @ Nkwo Nnewi Market, Anambra||N9,000|
|25 litres @ Umuahia Main Market, Abia||N6,000|
|1 bottle @ Bodija Market, Ibadan||N350|
|1 bottle @ Dawanau Market, Kano||N400|
|1 bottle @ Gombe Main Market||N350|
|1 bottle @ Igbudu Market, Delta||N350|
|1 bottle @ Mangu Market, Plateau||N500|
|1 bottle @ Mile 12 Market, Lagos||N500|
|1 bottle @ Nkwo Nnewi Market, Anambra||N450|
|1 bottle @ Umuahia Main Market, Abia||N300|
Cost of Palm Oil in Nigeria: Factors Affecting It
As with any other widely consumed commodity in the country, the prices of palm fluctuate due to a number of factors. Some of these factors are discussed below:
Season: The most important factor that determines the cost of palm oil in Nigeria is the time of the year. Usually, palm oil is harvested between March and May every year, and during this period the supply if the commodity exceeds demand. This drives the prices to the lowest levels possible. But between September and December, the prices shoot up because the commodity becomes very scarce.
Location: The part of the country where palm oil is purchased at also determines the price. Typically, prices are lowest in the South Eastern and Niger Delta regions of the country and highest in the middle belt regions. Intermediate figures are obtainable in the South Western parts of Nigeria.
Health benefits of palm oil
Beyond the fact that it gives food a nice red colour, palm oil provides a number of health benefits to the body, which include slowing down aging, supporting pregnancy, and making the bones and joints stronger. This explains why you should incorporate palm oil into your diet as much as possible. Now, let’s look at some of the multiple health benefits of palm oil.
Helps to prevent cancer
The risk of having cancer is highly increased by the activities of free radical molecules — residues generated following various bodily processes that cause damage to body cells if not mopped out of the body. Palm oil is rich in anti-oxidants, which help to eliminate these free radical molecules from the body, thereby reducing the risk of cancer.
Rich in Vitamin K
Palm oil is a rich dietary source of Vitamin K, which helps to facilitate effective blood clotting mechanisms. This way, it helps to prevent excessive blood loss following bleeding. This vitamin also helps the body to better handle certain drugs, such as antibiotics, as people with vitamin K deficiency tend to be resistant to the effects of antibiotics and other beneficial drugs.
Rich in omega 3 fatty acids
Palm oil is also very rich in omega-3 fatty acids, which play several important roles in the body. Aside helping to maintain a healthy muscular structure, omega-3 fatty acids also help to slow down the effects of aging on the brain. They also help to reduce the rate of loss of cognitive abilities in people with Alzheimer’s dementia. In addition, these fatty acids help to protect the body from inflammatory processes such as arthritis.
If you’re looking for a dietary source of long-lasting energy — not just a short burst of it — then you won’t go wrong with palm oil. It’s an excellent source of energy that helps to provide strength and nourishment to the body cells. It also contains beta carotene, which plays a role in the balancing of body hormone levels.
Rich in Vitamin E
Palm oil is a rich dietary source of Vitamin E, which is a blessing for elderly people because it contains 8 different antioxidants that helps to protect the skin and body organs from damage by free radicals, thereby slowing down the aging process. In addition, Vitamin E helps to keep the heart healthy and working optimally. And it protects the blood vessels against atherosclerosis and related problems.
Acts as an anti-thrombotic
Sometimes, blood clots do form within the blood vessels. This process, known as thrombosis, can be very dangerous as it can obstruct the flow of blood to vital body organs such as the brain, heart and kidneys. Some studies have proven that palm oil plays a roles in the prevention of thrombosis, especially in people who are overweight or those who live a sedentary lifestyle.
When taken regularly as part of meals during pregnancy, palm oil helps to ensure effective baby growth and development. It also helps to reduce the effects of pregnancy of the mother’s body. Palm oil a rich source of oil-soluble vitamins (vitamins A, D, E and K), the deficiency of which can cause serious problems for mother and baby during pregnancy.
Rich in Vitamin A
Vitamin A is essential for good vision as well as optimal functioning of body cells. Since palm oil is a rich dietary source of vitamin A, adding it to your diet helps to enhance your vision and keep your body organs healthy. And it facilitates the production of enzymes and hormones that regulate various processes in the body.
Rich in Vitamin D
One of the most important sources of Vitamin D is the early morning sunlight. But due to the indoor nature of most people’s jobs, they miss out on this daily opportunity to replenish their body’s supply of this vitamin. Thankfully, however, the vitamin can also be obtained from certain dietary sources, one of which is palm oil. Vitamin D helps to build strong and healthy bones and teeth, and it helps to prevent bone and joint diseases such arthritis.
How to preserve palm oil
If you’re a planning to become palm oil trader who specialises in buying when the commodity is cheap and selling when the prices shoot up, this information would be of help to you.
Palm oil doesn’t go rancid quickly. In fact, it can be stored for as long as one year without losing any value — provided it is stored in the right storage conditions. Note, however, that it is not recommended to store palm oil for longer than 6 months.
The right temperature for storing palm oil is room temperature (30 degrees Celsius). Always store in glass bottles or stainless steel containers. You can also use plastic containers such as jerrycans. But you must avoid copper containers.
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