Nigeria’s palm oil imports from Malaysia surges by 353% in 4 months as demand rises

Published 2023년 6월 8일

Tridge summary

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.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Nigeria’s Palm Oil imports from Malaysia – a top global producer have surged by 353 percent in the first four months of 2023 despite local players ramping up production, data from the Malaysian Palm Oil Council shows. The country’s palm oil import from Malaysia increased to 92,961 metric tons (MT) between January-April 2023, from 20,513 MT in the corresponding period of 2022. This indicated a 72,448 MT increase. Despite moves by the government, in listing crude palm oil alongside other 40 items restricted from forex access, and closing the Nigerian borders, oil palm imports into the country are still on the rise owing to the huge demand-supply gap, according to experts. “Nigeria’s oil palm imports from Malaysia will continue to increase for the time being because our investment in the industry is still very insignificant,” Henry Olatujoye, managing director, Palmtrade and Commodities Development Nigeria Ltd, said. “We estimated that our local/domestic consumption is averaging 2.4 ...

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.