7th Africa Oil Palm,

06-07 May, 2020 - Accra, GHANA

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Nigeria aims to increase palm oil production to 5 million tons over the next 8 years

Posted on : 25 Nov, 2019

Nigeria currently produces about 600,000 tons of palm oil annually. The government now aims to increase the production by about 700% over the next 8 years.
According to the trade and investment ministry, about 180 billion naira ($500 million) are expected to be invested.
Some of the changes that the new policy seeks to implement are - remove the 75% duty rebate granted on refined palm oil imports while extending tax holiday for all producing and processing companies to five years from current three years. A five-year restriction of crude and refined palm oil importation to large-scale refineries and crushing-plant owners is also expected to be implemented. In addition, farmers can access loans at 9% per annum through a central bank-administered lending to expand cultivation by at least 3 million hectares.
The country’s largest palm oil producer - Presco is at the forefront of this expansion. It is building a 500-ton capacity refinery that is slated to begin operating in first quarter of 2020. Presco has further plans to increase capacity to 210 tons an hour by 2022 - with an additional 60 tons per hour in milling facilities.
For the latest on Africa’s palm oil markets, attend CMT’s 7th Africa Oil Palm Summit on 6-7 May 2020 in Accra, Ghana.
Email Grace at grace@cmtsp.com.sg or call +65 6346 9147 for more details.