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Palm oil production: Nigeria prepares to revive the sector

05/10/2021
Categories: Sectors

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Nigeria has decided to invest massively in the palm oil sector. Thus, the first oil producer in Africa and the first economy of the continent in terms of GDP is preparing to impose itself in the palm oil sector.

Fifth largest producer in the world, Nigeria imports almost half of the two million tonnes consumed annually in the country, further melting the foreign exchange reserves already dented by the fall in crude oil prices. Now, players are poised to cash in on the Nigerian government's drive to revive its once-thriving palm oil industry. However, the palm oil industry is under fire from critics around the world, accused in particular of contributing to deforestation or the disappearance of community lands. In addition, the lack of infrastructure, the lamentable state of the roads or the incessant power cuts are hampering the development of this sector in Nigeria.

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