Nigeria's Plan to Revive Palm Oil Production Announced

The Federal Government of Nigeria, through Minister of Agriculture and Food Security Abubakar Kyari, announced a comprehensive plan to revive the country's palm oil industry, which has significantly declined since the 1960s. The initiative will be implemented in two phases, starting with the establishment of 10,000 hectares of palm plantations across participating states.

This phase will integrate modern milling, refining facilities, and storage systems, with the capacity to accommodate 2,000 families per location. The second phase will focus on downstream processing and manufacturing of palm-based products, emphasizing value addition and export competitiveness.

The program aims to boost palm oil production from the current 600,000 metric tons to 5 million metric tons annually by 2027, addressing the current shortfall of 1.8 million metric tons. The government plans to invest N180 billion (approximately $500 million) in this scheme, which is expected to enhance rural living standards and generate significant revenue.

The initiative will also involve collaboration with the Mass Industrial Development Logistics.