Today, the oil palm industry in Malaysia and Indonesia have developed many by-products and increased the value chain from the palm tree. Editorial Palmoil Nigeria Malayisia Indonesia
to be the largest producer of palm oil and kernel worldwide in the pre-independence era was the envy of many nations in this regard. By this, it had attracted significant global attention to itself such that the multinational company, Lever Brothers had profited immensely from the industry and thereby became the toast of the then organised private sector in Nigeria.
Available data indicate that Nigeria’s yearly local demand for palm oil is about 1.34 million tonnes while it produces about 1.015 million tonnes. This leaves a supply gap or deficit of about 325,000 metric tonnes, which if translated to money, at the current market price of about N769.33 per tonne, stands at about N90 billion per annum or N270 billion in the past three years. This is money gone down the drains, given our potential in this palm oil business.
This situation has currently stagnated the growth of the palm produce industry such that many palm oil processing mills across the country have been shut down and others operating at less than full capacity given the availability of easier means of making money and earning a livelihood in other sectors such as information and communication technology , oil and gas and the financial services more appealing to most young men.
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