The boom in oilseeds -palm, soybeans, peanuts- in Nigeria, according to USDA
Palm Kernel & Nut
Peanut Kernel
Soybean
Nigeria
Published Jun 29, 2021
Tridge summary
The oilseed sector in Nigeria is experiencing remarkable development, driven by demand from a population of 219 million, 60% of whom are under the age of 24 and a growing middle class; half of the population is now urban.
Original content
For palm kernels, production is expected to increase by 23% in 2021/22 to reach 900,000 t, well above its initial forecast of 730,000 t. The area devoted to oil palm would reach 3 million hectares (Mha), or 20% more or 500,000 ha than in 2020/21, said a report from the United States Department of Agriculture released on Thursday. In 2021/22, palm kernel consumption in Nigeria is expected to increase by 23% or 175,000 tonnes (t) to reach 920,000 t. This exceeds the headline USDA estimate of 745,000 t. This sharp increase, higher than expected, would be linked to the growing demand from the national agro-industrial industry, both in cosmetics, soaps and edible oil (Dufil, PZ Wilmar, in particular), which encourages private companies invest in plantations and technology while working to meet international standards of the Roundtable on Sustainable Palm Oil (RSPO), a USDA mission to Edo State observed in May. For example, these companies are required to develop 1,000 ha of forest for ...
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