Current global demands for palm oil, hold tremendous socio-economic prospects and opportunities for Nigeria and other countries.

The latest scramble for the tropical produce is quite exciting and valuable.

Notwithstanding the motley turns and twists, behind the latest upswing, stakeholders view the development, as propitious. Two major events are responsible for this rush.

The first is the Russian invasion of Ukraine, which has, severely, stalled production of sunflower oil, the favorite brand of most bakers, around the world.

Ukraine is the world’s leading exporter of sunflower oil in the world, supplying about 46 percent, according to the Observatory of Economic Complexity.

Unfortunately, the war-ravaged country, can no longer sustain its oil production and supply chain, due to the massive destruction of its infrastructure.

The next trigger was the recent ban of palm oil export by Indonesia.

https://devcomradar.org/ukraine-war-and-new-demand-for-palm-oil/