Nigeria loses over N90 billion yearly, and in the next three years will lose not less than N270 billion to deficit and importation of palm oil PalmOil Exportation Nigeria
Based on the December 2019 World Bank price index for crude palm oil at $769.93, Nigeria lost N90, 081,810,000 to importation of what it could produce last year and may lose about N270,245,430,000 from 2020 to 2022.
Indonesia and Malaysia produced 43 and 21 million metric tonnes in 2019, placing them in the first and second positions worldwide. Thailand produced three million as Colombia supplied 1.680 million tonnes to rank the third and fourth largest producers. Nigeria ranked the fifth largest producer, unable to meet industrial consumption and spending over N90 billion to import what it has the capacity to produce.
Indonesia’s total land area is around 190 million hectares , of which some 55 million ha are agricultural, and 129 million ha are forest. Of the agricultural land, 24 million ha are arable, while 20 million hectares are for permanent crops. Nigeria with larger agricultural land of over 76 million hectares, with over 34 million hectares as arable land, has not been able to meet local demand, let alone export.
“Also, we should establish more oil palm plantations with good breeds. That is one strong solution. The other solution is to block wastages along the value chains. So, we need modern equipment for processing and maximum extraction of oil from the palm fruits.”To him, getting more land for cultivation is not a major solution to the challenge of bridging the production gap as higher yields can be obtained in hectares under current cultivation.
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