<i>Cocos nucifera</i> oil is one of the most valuable, expensive and globally consumed vegetable oils. In many nations including Nigeria, the demand for <i>Cocos nucifera</i> and its oils has outweighed the supply. Moreover, <i>Cocos nucifera</i> cultivation has been reported to cause negative environmental, climatic and social impacts. Hence the search for a suitable feedstock that can either be used in conjunction with or as a substitute to <i>Cocos nucifera</i> oils. In this study, oils were extracted from the mesocarp of common species of the Niger Delta <i>Raphia </i>palm fruits (<i>Raphia farinifera</i>, <i>Raphia hookeri</i> and <i>Raphia vinifera</i>) as wells as <i>Cocos nucifera</i> kernel. The prospects of using each of the <i>Raphia </i>palm oil as an alternative to <i>Cocos nucifera</i> oil in food, feeds, biofuels and oleochemicals industries were analysed based on the results of standard physiochemical properties analysis. The results of this study showed that most of the physiochemical properties of the oils extracted from common species of the Niger Delta <i>Raphia </i>palm fruits are comparable to those of <i>Cocos nucifera</i> oil and the standards set for food, feeds, biofuels and oleochemicals. However, the <i>Raphia</i> palm fruits oils are more suitable as alternatives to <i>Cocos nucifera</i> oil in the biofuels and oleochemicals sectors than in the food and feed sectors.