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Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years - Food - Nairaland

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Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by BeeBeeOoh(m): 5:54am On Dec 07
Nigeria has imported palm oil worth over $3.2billion in the last ten years, LEADERSHIP can authoritatively report.

Findings by LEADERSHIP revealed that the nation imported a cumulative 4,760,000 tonnes of palm oil from 2007 to November, 2017.

Palm oil, hitherto one of the nation’s major foreign exchange earners in the early 1960s is massively imported into the country from Malaysia and Indonesia.

Recall that Nigeria was the largest producer of palm oil in the world with a market share of 43 per cent in the 1960s. But currently, it has a world share of 2.9 per cent, with Indonesia leading by 33 million metric tonnes, Malaysia, 19.8 million metric tonnes; Thailand, two million; Colombia, 1.108 million metric tons and Nigeria, 970,000 metric tonnes.

Palm oil that used to be Nigeria’s biggest export produce before the discovery of crude oil has now been adopted by Asian countries earning over $25.2 billion in exports.

With domestic production currently standing at 970,000 metric tonnes in Nigeria, the country needs an annual 2.7 million tonnes leaving a deficit of 1.73 million tonnes. It was further gathered that despite the high exchange rate and price, the shipment was increased by 12 per cent as global price hit $718 per metric ton.

The price of the commodity, which was $663 per metric ton in July, rose to $718 per ton this November based on high demand by indigenous manufacturers.

According to statistics exclusively obtained by LEADERSHIP, Nigeria now import between 400,000 to 500,000 Metric Tonnes of palm oil from Asia to bridge domestic production. With the country importing 4.7milllion MT at $663 per MT between 2007 to 2017, the country had spent a whopping $3.2 billion importing what can be locally produced.

The breakdown shows that in 2007, Nigeria imported 451,000MT of palm oil while 410,000MT was imported in 2008; 425,000MT in 2009; 435,000MT in 2010; 440,000MT in 2011.

Also, in 2012, Nigeria imported a whopping 470,000MT of palm oil while 518,000MT was imported in 2013; 506,000MT in 2014; 263,000MT in 2015; 400,000MT in 2016 and as at November 2017, 450,000MT of palm oil imported into the country.

Records from the Nigerian Ports Authority (NPA) also revealed that MASCOT Munchen, is expected to deliver 8112.17 MT of Crude palm oil at Josepdam Terminal on Tuesday. Also, Apapa Bulk Terminal Limited (ABTL) at Lagos Port Complex took delivery of 4,000 tonnes from MV Lady Dahlia, bulk carrier, in the first week of this month, while MV Hamour Endurance is awaiting to discharge about 5,000 tonnes at JosepDam terminal, Tin Can Island Port.

In August this year, three vessels berthed at the Lagos Port Complex and Tin Can with 32,483 tonnes of the commodity. At ABTL were MV GSW Forward and MV Marios G ships, laden with 16,300 tonnes and 11,483 tonnes respectively. Another ship, MV Theresa Success, investigation showed, has also offloaded 5, 000 tonnes of the product at JosepDam terminal.

Findings also revealed that between January and April this year, 50,010 tonnes of the commodity was shipped to the country. According to investigation at the Lagos Port, MV SeaPrice discharged 15,000 tonnes in January; MV Chemtrans Havel, 10,700 tonnes in February; MV Star Ploeg, 16,400 tonnes in March and MV Mid Nature, 8,000 tonnes in April this year.

Following the high demand for palm oil by Nigeria and Ghana this year, a shipping line, CMA CGM in August, imposed a new cargo protection service for shipments of the commodity into the country.

http://leadership.ng/2017/12/07/nigeria-spends-3-2bn-importation-palm-oil-10yrs/

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Omexonomy: 6:08am On Dec 07
How do we find our self in such confusion
Who has contributed more to agriculture most. Buhari or gej
Like for buhari
Share for gej

25 Likes 9 Shares

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by BeeBeeOoh(m): 6:18am On Dec 07
Crude oil is really a curse to Nigeria, years back Nigeria exported palm oil, even funded her budget with proceeds from palm oil then but look at how Nigeria has forgotten about palm oil and became so lazy because of crude oil.


Malaysia took palm seed from Nigeria then, Nigeria even taught them how to plant the seed then but, Nigeria imports palm oil from that same Malaysia now. What an irony

12 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by 2fine2fast(m): 6:24am On Dec 07
I don't believe this.
Not everything on the news is true.
Next we hear that we spend 1 trillion
Dollars on atarodo imports.

6 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by duduade: 6:25am On Dec 07
Why import when we can produce... What have the Ministers of Agriculture doing??

1 Like

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by OrestesDante(m): 6:28am On Dec 07
shocked


∆ Oti oo!!!


Are we importing palm oil too?

Wahala waa ooo!

Nigeria is finished then.

Palm oil ∆

6 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by TheHistorian(m): 9:29am On Dec 07
shocked
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Macgreat(m): 9:29am On Dec 07
shocked

I'm so shocked!


Why on earth are we importing palm oil?


Range rover sports 2015 diesel engine going for 23 million
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by IgboticGirl(f): 9:30am On Dec 07
hmmm this country tire me


come to anambra and enugu and see palm oil wasting

15 Likes 2 Shares

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by mangala14(m): 9:30am On Dec 07
You mean we import palm oil with all those palm trees in Edo and Ondo State

7 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by pointstores(m): 9:31am On Dec 07
nawa
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by bugidon(m): 9:31am On Dec 07
This one na lie

4 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Oyindidi(f): 9:31am On Dec 07
Who curse this nation

2 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by psalmhorah(m): 9:31am On Dec 07
angry

m not surprised cos we're even importing toothpick despite the vegetation we have in the country..

9ja which way ..

2 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by jashar(f): 9:32am On Dec 07
we import palm oil!!!!


shocked shocked shocked shocked shocked

what a shame...
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by saibop(m): 9:32am On Dec 07
Nigeria used to be the producer of this thing now we are the consumer.
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Spaxon(f): 9:33am On Dec 07
Talk of the north not south.....l

Cus we have excess palm oil
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by kalu61(m): 9:33am On Dec 07
Who did this to us.Crude oil, Nig major problem
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Tanmusparties: 9:33am On Dec 07
Ok
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by martineverest(m): 9:33am On Dec 07
That's a lie...... Those oil are chemicals not natural ones we see in Edo and ondo
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by eddieguru(m): 9:34am On Dec 07
undecided
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by creatorsverse(m): 9:35am On Dec 07
Of course when Ada palm is in a state whr dey erect statues and bring out commissioner of happiness that is being ruled by a mad family
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Primusinterpares(m): 9:35am On Dec 07
Like seriously This is too big a lie to consume...ha baaaaa...


BTW


If we could import petrol,toothpicks and some kind oda things dat we have in abundance, who am I then to doubt them on this mata
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Thisis2raw(m): 9:36am On Dec 07
See one of the reasons why I say Nigeria is a joke
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Esseite: 9:36am On Dec 07
I find this news hard to believe... there are too many locally produced palm oil packaged and unpackaged.

Are they saying that all the mbanga soup we eat some are not left to produce palmoil?..

All the palm oil in bowls with different measures in cups are also imported?..

Just feel different about this news..

1 Like

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by muller101(m): 9:37am On Dec 07
Nice development grin
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by dynicks(m): 9:38am On Dec 07
NIGERIA my country...
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by joenor(m): 9:39am On Dec 07
My broda the news nor tire you?
duduade:
Why import when we can produce... What have the Ministers of Agriculture doing??
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by herich(m): 9:40am On Dec 07
Nigeria is a great country.
grin grin grin
Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by joenor(m): 9:41am On Dec 07
This whole stuff is confusing.. We spend such an amount on import of Palm oil... what do we need palm oil for, when here in Agbor we have in abundant, Abraka.. there are lot of palm nut.... I really don't believe this gist jor.

1 Like

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by Realdeals(m): 9:41am On Dec 07
Failed citizenry leads to failed government. Nigerians are fond of blaming the government as if they are aliens from Mars.
Responsive citizens (like the budgIT guys) will force good governance.

2 Likes

Re: Nigeria Spends $3.2bn On Importation Of Palm Oil In 10-years by opalu: 9:42am On Dec 07
Ahhhh

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