Nigeria imported palm oil worth N50 billion from Malaysia and other countries last year, the National Bureau of Statistics, NBS, has said.
The NBS made the revelation in its quarterly Foreign Trade in Statistics report, noting that there is growing demand for palm oil in the country.
Apart from Malaysia, other countries that supplied the commodity to the country include Indonesia, Singapore, China, India, and West Africa Cote d’Ivoire, the bureau said.
Nigeria used to be one of the biggest exporters of palm oil, and Malaysia, now the world’s biggest supplier, according to records was believed to have purchased its first palm oil seedling from Nigeria.
According to the NBS, close to $100 million will be spent this year to meet the country’s growing demand for palm oil, adding that the current import bill stands at N28 billion in six, approximately N50 billion per year.
Palm oil falls under the nation’s foreign exchange restrictions by the Central Bank of Nigeria, CBN, yet the appetite for the commodity has continued to grow.
Global production of palm oil has been growing in the four decades, with Malaysia and Indonesia representing 85 percent of the entire supply chain.
The growing demand for the commodity, according to experts is because of its numerous which include: Edible Oil, Bio-Diesel, Lubricants, Cosmetics, and other applications – household cooking, food and beverages, oleo Chemicals, personal care, animal feed, and bio-fuel.
Not a few Nigerians insist that the Bola Tinubu government should make the production of palm oil a priority as part of its agricultural revolution policy, citing the country’s arable and fertile land.
