industry modern soybean seed oil turnkey project in lagos

industry modern soybean seed oil turnkey project in lagos
                                               
                                               
                                               
                                               
  • industry modern soybean seed oil turnkey project in lagos
industry modern soybean seed oil turnkey project in lagos
industry modern soybean seed oil turnkey project in lagos
industry modern soybean seed oil turnkey project in lagos
industry modern soybean seed oil turnkey project in lagos
  • Why did soybean production increase in Nigeria?
  • The production increase is attributable to favorable grower prices and sustained high demand for soy meal by the poultry sector. FAS Lagos forecasts Nigeria’s soybean oil consumption in MY 2021/22 to reach 170,000 metric tons (MT), up nearly 58 percent greater than the USDA official MY 2020/21 estimate of 112,000 metric tons (MT).
  • Will Nigeria need 450,000 Mt of soybeans in 2022/23?
  • In MY 2022/23 FAS Lagos forecast that Nigeria will require 450,000 MT to fill the consumption gap. On the soybean front, non-GE soybean is being planted to meet a niche demand in global markets. This is affecting domestic supply. As a result, the poultry sector is facing high feed costs.
  • Why is soybean meal a problem in Nigeria?
  • Meanwhile, the lack of foreign exchange is a challenge for soybean meal imports. Exports are forecast to reach same 50,000 metric tons as forecast by the USDA official MY 2020/21 estimate. Nigeria further processes soybean meal to obtain oil for food and non-food uses, leftover cake goes to animal feed production.
  • What is Nigeria’s soybean consumption in 2021-22?
  • The report said Nigeria’s soybean consumption in 2021-22 is forecast to reach 1.275 million tonnes, up 38% compared to the 2020-21 estimate. Nigeria’s soybean imports in the coming marketing year are projected to reach 100,000 tonnes, up nearly 100% over this year. Consumption increasing for both food and feed uses, USDA says.