Nigeria's palm oil imports from Malaysia have surged by 353 percent in the first four months of 2023, despite efforts to boost local production and restrictions on forex access for crude palm oil. The country imported 92,961 metric tons of palm oil in the January-April period, up from 20,513 metric tons in the same period last year. The demand-supply gap, insufficient local investment, and neglected primary production of palm oil are contributing to the increase in imports, despite Nigeria's production reaching 1.4 million metric tonnes in 2022. Globally, palm oil prices have fallen due to weak global import purchases and increased production.