Nigeria palm oil uses industry news – oil extraction

From crude oil to palm oil: Nigeria strives to

  • Nigeria palm oil uses industry news – oil extraction
  • Nigeria palm oil uses industry news – oil extraction
  • Nigeria palm oil uses industry news – oil extraction
  • Nigeria palm oil uses industry news – oil extraction

Nigeria battles to revive ailing oil palm sector

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  • Why is Nigeria reviving its palm oil industry?
  • Crude sales provide around half of all government revenues these days, and most foreign exchange earnings. So, as part of a drive to reduce dependence on crude, the government has sought to return Nigeria’s palm oil industry to its heyday.
  • Where does palm oil come from in Nigeria?
  • China and Malaysia were the main origins of palm oil imports in Nigeria as of the fourth quarter of 2021. Analysts believe that within the last decade, there has been incremental planting of oil palm in the country with far greater awareness of opportunities in the sector. But this is yet to meet local demand.
  • How much palm oil is used in Nigeria?
  • Nonetheless, only a negligible percentage of palm oil consumed is used by households. Most are for industrial use. According to the USDA, in 2018, Nigeria imported about 401, 000 MT I palm oil. This was 23.4 per cent higher than the volume imported in the preceding year.
  • Does Nigeria have a supply gap for palm oil?
  • To meet the supply gap of palm oil, the country had to depend on importation over the years. However, in 2015, the CBN published a list of 41 items, including palm oil, as ineligible for forex through the Nigerian interbank market to encourage local production and manage foreign reserves.

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