Nigeria to import $100m palm oil from Malaysia

RBD Palm Oil
Published Jul 11, 2023

Tridge summary

Nigeria is projected to spend $100 million on the importation of palm oil in 2023 to meet increasing local demand, according to the National Bureau of Statistics. The imported palm oil mainly comes from Malaysia, Indonesia, Singapore, China, India, and Cote d'Ivoire. The country currently spends about $500 million annually on palm oil imports to complement its insufficient local production.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

To meet expanding local demand, Nigeria will spend up to $100 million on the importation of palm oil in 2023, going by available data from the National Bureau of Statistics (NBS). The figure is based on the value of the imported commodity in the past two years at the average cost of N25 billion in six months, or N50 billion per year. In its quarterly ‘Foreign Trade in Statistics’ reports, the NBS showed that imported (crude) palm oil, which falls under agricultural products, originated from the Asian countries of Malaysia, Indonesia, Singapore, China, India and West Africa Cote d’Ivoire. Nigeria imported palm oil to the tune of N28.16 billion in the first six months of 2022, as the value of agricultural commodities shipped into the country maintained an upward trend. Palm oil falls under the nation’s foreign exchange restrictions; it is among the 43 import items banned by the Central bank of Nigeria (CBN) for Forex Exchange. This implies that importers sourced their foreign ...
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.