NIGERIA – Nigeria, with a population exceeding 200 million, has proven its sustained agricultural strength and now stands as the leading consumer of palm oil in Africa.
According to analysts, Nigeria, despite a historic setback in global production standings during the 1960s, in recent years have witnessed a remarkable resurgence, positioning Nigeria as the third-largest palm oil producer globally.
Once reigning as the world’s leading producer, a study revealed that Nigeria faced a shift in fortunes in 1966 as Malaysia and Indonesia surged ahead, relegating the country to the 5th position with less than 2% of the global market share.
Meanwhile, undeterred, Nigeria has displayed a steadfast commitment to revitalize its palm oil sector, boasting approximately 2.3 million hectares under cultivation by 2018.
The exceptional efficiency of oil palm fruit, yielding more oil per land area than any other vegetable crop, underscores the pivotal role of palm oil in Nigeria’s economy.
Beyond its richness in carotene, making it a staple cooking oil, palm oil serves as a fundamental raw material for an array of industries including detergents, soap, margarine, confectionery, and bakery trade.
Moreover, its contribution as an additive in animal feed significantly bolsters the country’s economic landscape.
With a nutritional profile comprising 50% saturated fat, 40% unsaturated fat, and 10% polyunsaturated fat, palm oil provides a balanced mix of essential nutrients, enhancing its value in both domestic kitchens and industrial applications.
This versatile commodity has not only contributed substantially to Nigeria’s GDP but has also played a crucial role in bolstering foreign exchange earnings.
The upward trajectory of Nigeria’s palm oil production is evident, reaching 1.4 million metric tons in 2023.
The industry’s consistent growth since 2014, with a notable peak in 2010, reflects the resilience and determination within the sector.
On the consumption front, the 2021/2022 crop year witnessed an anticipated consumption of around 1.8 million metric tons of palm oil in Nigeria.
This surge highlighted the crop’s significance in meeting domestic needs, with a substantial portion utilized for industrial purposes and a smaller yet significant percentage finding its place in households.
Nigeria’s palm oil industry stands not only as a key player in the global market but also as a symbol of economic resilience and a source of essential nourishment for its thriving population.
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