Palm Oil imports from Malaysia – a top global producer to Nigeria have surged by 353 per cent in the first four months of 2023 despite local players ramping up production, data from the Malaysian Palm Oil Council shows.
The Nigeria’s palm oil import from Malaysia increased to 92,961 metric tons (MT) between January-April 2023, from 20,513 MT in the corresponding period of 2022, indicating a 72,448 MT increase. In 2022, the country imported 227,035 MT of palm oil from Malaysia.
Despite moves by the government, in listing crude palm oil alongside other 40 items restricted from forex access, and closing the Nigerian borders, oil palm imports into the country are still on the rise owing to the huge demand-supply gap, according to experts.
“Nigeria’s oil palm imports from Malaysia will continue to increase for the time being because our investment in the industry is still very insignificant,” managing director, Palmtrade and Commodities Development Nigeria Ltd, Henry Olatujoye, said according to reports by BusinessDay.
“We estimated that our local/domestic consumption is averaging 2.4 million tons in a year, and our first-class developers – Okomu, Presco, and others, do not annually produce up to 800,000 tons.”
