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Nigeria spends $500m annually importing palm oil, says FG

Officials from the Federal Ministry of Agriculture and Rural Development, states, agencies and non-governmental organisations on Thursday said Nigeria was spending about $500m annually on oil palm imports.

Deputy Director, Federal Department of Agriculture, FMARD, Bernard Okata, said, “The partnership is to move the oil palm sector forward.

“Our current local requirement for oil generally is about three million metric tonnes but we are producing about 1.02 metric tonnes of oil palm.

So there is a gap. We import to make up for this gap and Nigeria is spending about $500m annually for this importation up till now.”

Okata explained that the volume of oil and fat that Nigeria requires was about three million metric tonnes, but it had been difficult to meet this demand.

He said, “We have oils from groundout, soybean and all that. But from oil palm alone, we are producing 1.02 million MT, while from other oils we produce 1.7 million MT and so the shortfall is about 350,000MT

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