Nigeria was once the largest producers of palm oil, now it comes in at a distant third (only 3% of the world production in 2010 vs Indonesia's 45% in the same year), however the uses for palm oil have diversified used in everything from food to electronics to fuel and electricity. One of Nigeria's biggest palm oil manufacturers companies, Presco, based in Benin City, grew significantly last year with an outlook for the next four years being a 10 percent annual profit growth*, as well as the rest of the industry, due to the central bank blocking foreign exchange on the industry and subsequently importation.

"Palm oil is the most widely consumed vegetable oil on the planet. According to the World Wildlife Fund, an estimated 50 percent of packaged products sold in supermarkets contain some of the ubiquitous oil." - Boston Globe

"Palm oil is an essential ingredient for Nigerian cuisine, and is also used in household goods like soap." - BBC

*(According to Managing Director Felix Nwabuko)

These are the largest oil producing states and states with the largest area under palm oil production in Nigeria:





1. Akwa Ibom
2. Cross River
3. Rivers
4. Abia
5. Imo
6. Ondo
7. Edo
8. Delta
9. Bayelsa



Sources:
Food and Agriculture Organisation (FAO) http://www.fao.org/3/a-at585e.pdf
Foundation for Partnership Initiatives in the Niger Delta (PIND) http://www.ndpifoundation.org/images/researchreports/reports/Palm-Oil-Value-Chain-Analysis.pdf

interesting

lalalasticlala Seun

Food and non-food uses of palm oil products

Food uses
Cooking Oil
Deep Frying Oils
Margarines and spreads
Bakery fats
Cocoa butter alternative fats
Confectionary fats
Ice cream fats
Infants nutrition fats
Other food applications

Non – food uses
Cosmetics and personal care
Soaps
Candles
Pharmaceuticals
Lubrications and Grease
Surfactants
Industrial Chemicals
Agrochemicals
Coatings
Paints and lacquers
Electronics
Leather
Biodiesel

Source: Unleashing Agricultural Development in Nigeria through Value Chain Financing, Working Paper November
2010

According to data collators IndexMundi, Nigeria exported 18,000 metric tons of palm oil (compared to 152,000 in 1964) consistently from 2008 to 2017 at 0% growth rate as noted in other sources posted here and 5,000 metric tons of palm kernel oil (37,000 in 1966) and 2,000 metric tons of palm kernel oil seed (437,000 in 1960) and 75,000 metric tons of palm kernel meal (179,000 in 1999) in 2017. Together that is around 100,000 metric tons of oil palm industry exports from Nigeria.

https://www.indexmundi.com/agriculture/?country=ng&commodity=palm-oil&graph=exports
https://www.indexmundi.com/agriculture/?country=ng&commodity=palm-kernel-oil&graph=exports
https://www.indexmundi.com/agriculture/?country=ng&commodity=palm-kernel-oilseed&graph=exports
https://www.indexmundi.com/agriculture/?country=ng&commodity=palm-kernel-meal&graph=exports

The current price of palm oil (Malaysia) is:

$613.00

U.S. dollars and cents per metric ton

http://www.indexmundi.com/commodities/?commodity=palm-oil

The June 2017 price of palm kernel oil (Malaysia) is:

$1030.00

U.S. dollars and cents per metric ton

http://www.indexmundi.com/commodities/?commodity=palm-kernel-oil

"Favourable prospects for the Nigerian palm oil sector..."

"With a supply gap of about 500,000 metric tonnes (mt) and fertile arable land for cultivation, the untapped potential of the Nigerian palm oil sector is large. The main producers, Okomu Oil and Presco, have continued to increase their plantation area and are on course to meet their 2018 and 2020 targets of growing their respective land area to 12,000 hectares (ha) and 20,000ha. In 2015, mature land constituted about 95% of the total land area for both producers combined, growing by 10.8% for Okomu and 46.2% for Presco. Total crude palm oil (CPO) produced during the year increased by 12% to 35,600 tonnes (te) and 10% to 39,328te for both companies respectively. We expect both companies to surpass their targets by 2017. For 2016E specifically, we forecast sales growth of 24.5% and 38.8% for Okomu and Presco, and PBT growth of 62.7% and 43.7%."

https://www.proshareng.com/admin/upload/reports/FBNQuestPalmOil.pdf

Presco MD Dr. Felix Nwabuko



http://www.presco-plc.com/

MD, CEO of (privatised) Okomu Oil Graham Hefer



http://www.okomunigeria.com/

Nigeria imported $199 million of palm oil.



http://atlas.media.mit.edu/en/profile/country/nga/#Imports

I appreciate this piece. It's important to me, as I now have interest in venturing full time into palm oil and palm karnel business.

But, with this big players on ground, how much chance of success do starters have?

https://www.youtube.com/watch?v=Q5dG16Fkcwo