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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 in Accra, Ghana.
Email Grace at grace@cmtsp.com.sg or call +65 6346 9147 for more details.