Palm oil import bill rises 194% to N23bn
He said Nigeria’s palm oil consumption is estimated at about three million tonnes annually, while local production is roughly half that figure, leaving a wide supply gap that the industrial sector fills through imports from Indonesia, Ghana, Cote d’Ivoire, Benin Republic, Togo and Cameroon, alongside output from major local processors such as Presco and Okomu.
It reflects population growth —Olatujoye Also speaking to Vanguard AgroBiz, the Chief Executive Officer of Palmfield Development and Processing Limited and former President of the National Palm Produce Association of Nigeria (NPPAN), Chief Henry Olatujoye, said the rising import bill reflects population growth outpacing local production capacity, rather than a policy failure.
Olatujoye added that Nigeria’s cultural preference for crude palm oil in cooking, unlike Malaysia and Indonesia where refined vegetable oil is used, limits the volume of oil meeting industrial specifications, keeping import demand high as the population grows.
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