Nigeria Revives Palm Oil Sector to Boost Jobs, Cut Imports

Nigeria is focusing on reviving its palm oil sector to boost job creation and reduce import dependency, with a target of saving $500-600 million annually. The initiative was discussed during a workshop held in Abuja, organized by the Federal Ministry of Agriculture and Food Security, led by Sen.

Abubakar Kyari. The program aims to enhance the country's palm oil production capacity through collaboration with state governments and investors, emphasizing the importance of public-private partnerships.

Senior Technical Assistant Ibrahim Alkali highlighted that the success of the sector relies on stakeholder commitment and collaboration. Historically, Nigeria was a leading global supplier of palm oil, holding a 40% market share in the 1960s, producing approximately 1.4 million metric tons annually, while domestic demand exceeds 2.5 million metric tons, resulting in a yearly deficit of 1 million metric tons.

This deficit compels Nigeria to spend significantly on imports, underscoring the need for revitalization of the palm oil ecosystem.