Nigeria is set to bring back the glory of oil palm as government is finalizing modalities to partner Malaysia and Indonesia to explore production potential and export driven strategies of the industry.
This is even as Nigeria seeks inclusion in the membership of Council of Palm Oil Producing Countries (CPOPC).
In the 1960s, Nigeria was a dominant force in palm oil production, leading the global market with over 60 per cent of the world’s palm oil.
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Due to neglect and lack of strategic investment in the subsector by successive governments, Nigeria’s production capacity dwindled, putting the country on the fifth position globally, lagging behind Indonesia, Malaysia, Thailand, and even Colombia.
All that is about to change.
For the Indonesia counterpart, growth and export driven strategy for Nigeria must include standards for international best practices to attract, accommodate investors and drive market confidence.
Nigeria currently consumes approximately three million metric tons of palm oil annually while production remains low at 1.4 million metric tons.
(Editor : Ena Agbanoma)
