soon soon palm oil fmcg products in nigeria

                                               
                                               
                                               
                                               
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  • Can Presco plc help Nigeria grow its palm oil production?
  • Nigeria’s palm oil imports from Malaysia, a leading global producer, increased by 65.3% in the first nine months of 2023. Businesses like Presco Plc can play pivotal roles in addressing these challenges and maximizing the potential of palm oil production in Nigeria.
  • How much palm kernel oil is produced in Nigeria?
  • A paid subscription is required for full access. In 2023, the production of palm kernel oil in Nigeria was estimated to be 393 thousand metric tons. Between 2010 and 2023, the crop of palm kernel oil in the country increased by 88 thousand metric tons.
  • What if Nigeria kept its market dominance in the palm oil industry?
  • According to the Central Bank of Nigeria (CBN), if Nigeria had maintained its market dominance in the palm oil industry, the country would have been earning approximately $20 billion annually from cultivation and processing of palm oil as at today. To meet the supply gap of palm oil, the country had to depend on importation over the years.
  • 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.