Why is palm oil processing a major source of income in Nigeria?
Palm oil processing is a major source of income and employment to a large proportion of the resource-poor rural population in Nigeria especially in Ndokwa West Local Government Area. High cost of processing equipment has discouraged intending processors from establishing and investing in palm oil ventures.
Where does Nigeria import palm oil?
Nigeria imports Palm Oil primarily from: Malaysia ($365M), India ($92.7M), China ($45.2M), Indonesia ($38.2M), and Singapore ($16.8M). In the third quarter of 2022, Nigeria imported crude palm oil worth nearly 20 billion Nigerian naira (NGN) (roughly 43.4 million U.S. dollars) from Malaysia.
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.
Will Nigeria’s thriving palm oil business be revived?
Issued on: 03/10/2021 – 08:04 Modified: 03/10/2021 – 08:02 Standing beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government’s drive to revive the country’s once thriving palm oil business.