Nigeria Spends N68bn on Palm Oil Imports Despite Being Africa's Top Producer

Nigeria's palm oil industry is facing significant challenges despite being Africa's top producer. The country spent about N68bn importing crude palm oil from Liberia, Côte d'Ivoire, and Ghana between April and June this year.

The latest trade figures show that Nigeria's palm oil import bill nearly tripled in the second quarter of 2022 compared to the first quarter, when it recorded N23bn. The imports from these three countries bring the value of crude palm oil imported by Nigeria to about N91bn in the first half of 2022.

Nigeria produces roughly 1.5 million metric tonnes of palm oil annually, representing two per cent of global output. However, despite its production capacity, the country continues to depend heavily on imports to bridge the gap between domestic supply and demand.