Do you find it hard to believe that Nigeria is a net importer of palm oil?
Despite being the dominant global producer of palm oil in the 1960’s, Nigeria’s production capacity has been on a downward spiral due to the crude oil boom.
Blessed with abundance of millions of hectares of arable land, Nigeria has what it takes to be self sufficient in palm oil production.
According to an article by BusinessDay Newspaper, Nigeria’s palm oil import rose by a whooping 65.3% despite weaker Naira.
Nigeria’s Palm Oil imports from Malaysia – a top global producer have surged by 65.3 percent in the first nine months of 2023 despite naira devaluation and local players ramping up production, data from the Malaysian Palm Oil Council shows. The country’s palm oil import from Malaysia increased to 234,324 metric tons (MT) between January-September 2023, from 141, 786 MT in the corresponding period of 2022. This indicated a 92,538 MT increase.
BusinessDay Nigeria
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I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.