FAS Lagos forecast Nigeria¡¯s palm oil beginning stocks in MY 2021/22 at 59,000 MT, down by massive 88 percent compared to the USDA official MY 2020/21 estimate of 111,000 metric tons. In June 2019, the Nigerian government formulated a new policy that plans to invest some $500 million in oil palm production.
How are Nigeria’s oil seeds & products markets changing?
Nigeria¡¯s oil seeds and products markets are changing rapidly as demographic changes occur due to the country¡¯s youth and middle-class population growth. The three major utilization channels (Food consumption, industrial use, and feed usage) are undergoing robust growth rates.
How oil palm industry is developing in Nigeria?
Investors in oil palm sector in the state are required to nurture and develop 1,000 ha as natural forest for every 4,000 ha of land devoted to oil palm production. Currently, oilseeds research and development work across Nigeria is leading to increase productivity and efficiency of oil seeds processing ¨Csoybean and peanut particularly.
How oil seeds research & development works in Nigeria?
Currently, oilseeds research and development work across Nigeria is leading to increase productivity and efficiency of oil seeds processing ¨Csoybean and peanut particularly. FAS Lagos¡¯ estimates and projections for all the categories of oil seeds and products for 2021/22 are higher than the USDA estimates of previous year.