Home Prices Foodstuff Current Price of Palm Oil in Nigeria (October, 2020)

Current Price of Palm Oil in Nigeria (October, 2020)

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Palm oil is an essential food commodity in Nigeria, which has many health and market advantages. This makes the need for palm oil produce and products to be high.
The prices of these palm oil is much considerate, as you can buy them in different volume depending on your cash at hand. Nonetheless, to keep you in, our article covers the current price of palm oil in Nigeria, and also where they can be bought affordably.

palm oil prices in Nigeria

Palm oil is an oil obtained from the fruits of palm trees. This oil can be processed industrially to many products like soap, candles, etc. There are also other primary use of it which is for cooking and frying foods. The oil is extracted from the pulp of the oil palm fruit and it contains both saturated and unsaturated fatty acids which is good for body health.

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, in addition to its use in the kitchen. So from here there are many uses of this red oil.

Factors Influencing The Cost of Palm Oil in Nigeria

There are many factors that alters the price of palm oil in a specific region. These may be physical factors like unaccessibility, nearness to the producing areas and the market demand in the area. An outline of these variables affecting palm oil costs in Nigeria are examined below:

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Location

The part of the nation where palm oil is bought mostly determines the cost. Commonly, costs are most minimal in the South Eastern and Niger Delta areas of the nation and most elevated in the Middle belt districts. Taking advantage of the region where palm oil is produced is good because it will give you a better option.

Season

This most significant factor that decides the cost of palm oil. The month range between March and October every year is when Palm fruits are harvested, and during this period the production of it will be high thereby influencin the price. This drives the costs to the most reduced levels conceivable. Then in October and December, the costs shoot up in light of the fact that the palm fruit supply turns out to be exceptionally rare.

Current Prices of Palm Oil in Nigeria Today (October, 2020)

The price of Palm oil is dependent on the factors we stated above. This agricultural produce is very cheap and affordable in most southern region of Nigeria, due to the fact that this is the production area.

  • A bottle of palm oil which is 75cl or 1 litres, price falls between N200 — N450.
  • A volume of 20 litres full of red oil is sold at an estimated price of N8,000 or above, depending on the place.
  • 25 litres of Palm Oil costs about N9,000 to N15,000 in Nigeria.

Where to Buy Palm Oil in Nigeria

It’s known that Palm oil are available in mostly all food stores, markets and supermarkets in Nigeria, but there are some places we prefer you should buy your red oil because of some important reasons. This is due to the fact not all palm oil sellers vis-a-vis with these preferred markets will have the same product.

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Here are popular markets to by original palm oil in Nigeria:

  • Onitsha Main Market, Anambra State
  • Ninth Mile Market, Enugu State
  • Ukam Market, Mkpat Enin
  • Mile 12 Market, Lagos State
  • Ughelli Main Market, Delta State
  • Akpan Andem Market, Uyo, Akwa Ibom State
  • Umuahia Main Market, Abia State

These places are preferred because they offer quality sales and at a considerate price.

Also, when looking for where to buy palm oil, always go for where the production is much. These States in Nigeria are considered to be the largest producers of palm oil: Akwa-Ibom, Abia, Rivers, Edo, Imo, Ondo, Bayelsa, Cross River and Delta. In these region, several millions of palm tree plantations are scattered over, including the high commercial quantities of the oil. Hence, it is consequent that the price of palm oil here is low.

Health Benefits of Palm oil

After knowing the price of palm oil, there are also nutritional benefits of them which attracts people to buying it. Red palm oil is essentially rich in beneficial carotenoids and antioxidants which functions for good body health. There are however number of powerful health benefits linked to palm oil.

They include:

1. Boosts Brain Health

It’s interesting to note that palm oil contains a form of vitamin E known as tocotrienols, which can support the function of healthy brain. This can have far- reaching benefits and may aid in lowering dementia and enhancing cognition.
Besides palm oil, other foods like vegetables, blueberries, broccoli, and salmon can help boost the memory and function of the brain.

2. Reduces Cholesterol Level

Most health disease are caused from high cholesterol in the body. Some studies have found that red palm oil may actually help decrease the amount of bad LDL cholesterol in the blood. Too much of this fatty substance can build up in the arteries, which causes them to harden and narrow, and it will result in the heart finding diffiiculties in pumping blood throughout the body. By consuming palm oil, it will help to improve the health of the heart, thereby reducing most potential diseses.

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3. Helps to Prevent Cancer

The activities of free radical molecules in the body increases the risk of having cancer. Palm oil as a rich anti-oxidants, helps to obviate these free radical molecules from the body, thereby reducing the risk of getting cancer.

4. Enhances Vitamin A

Vitamin A is a very essential nutrient that’s involved in many aspects of health, from promoting immune function to maintaining healthy vision. Red palm oil is an excellent source of beta- carotene, a type of carotenoid that is converted to vitamin A in the body.

Dry eyes, frequent infections and even blindness are symptoms caused by the deficiency of Vitamin A in the body. Palm oil is often used as a supplement to help improve vitamin A status in those who are at risk of these deficiency. And this makes red oil an important source of vitamin A for the body.

5. Palm Oil Improves Skin and Hair Health

Palm oil consumption makes a big impact on the health of your skin and hair. This is because it’s rich in vitamin E, a nutrient that plays a vital role in skin health. The tecotrienol content in red palm oil makes it to be uses for hair growth.

Most hair cream manufacturers often add quantity of raw palm oil in the production of their products.

Conclusion

So far, we’ve provided the cost of palm oil in Nigeria today, the factors that influences the palm oil price and where to get this produce. Palm oil is also nutritional in many ways, from being a source of vitamins to controling heart diseases and eradication of cancers.

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