Coconut oil has many uses. In cosmetics, it's an ingredient that's highly valued for its protective, softening and emollient properties on the skin.
But when consumed as a food, it's a product that's best avoided (except for specific types of diets) since it's almost exclusively composed of "saturated" fatty acids, which are certainly essential to the body, however these are currently consumed in excess. Additionally, it contains no minerals and very few vitamins.