What is the Nigerian palm oil processing industry?
The Nigerian palm oil processing industry is made up of two key identifiable actors namely the formal large scale producers and the informal small-scale producers much in the same way that we have smallholder farmers and large plantations.
Is Nigeria an importer of palm oil?
However, during the past decades, the country has become an importer of palm oil. While in the early 1960s, Nigeria¡¯s palm oil production accounted for 43% of the world production, nowadays it only accounts for 7% of total global output. Nigeria is now a net importer of the product.
How much palm oil does Nigeria produce a year?
Nigeria, the world fifth largest palm oil producer, consumes around two million tonnes of palm oil per year, half of which is imported, with local output at 800,000 to one million tonnes. Hefer said the big players like Okomu account for just 30 percent of local production, while small growers represent 70 percent.
Why is oil palm an economic plant in Nigeria?
… In Nigeria, which is considered a developing country and also among the largest producers, oil palm is an economic plant because it serves as a major source of income to individuals and foreign exchange to the economy .