A leading agrifood consultancy, Vestance, in a new report has revealed that Nigeria loses billions of dollars due to poor investment in the country’s palm oil industry.
The report is scheduled to be launched October 30, at an event that will also feature a panel discussion on Nigeria’s palm oil industry.
According to a statement by the firm, “Six decades ago, Nigeria was the world’s leading producer of oil palm, accounting for 43% of global production. However, the country’s market share has drastically declined to less than 2% today, transforming Nigeria from a top exporter to a net importer of palm oil.
“This shift represents a staggering $20 billion lost opportunity. At a time Nigeria is struggling for foreign exchange earnings, this is a lot of money left on the table.”
Rildwan Bello, Programme Manager at Vestance speaking on the report said, “Nigeria’s palm oil industry has immense potential, but poor investment and systemic issues have hindered its growth. Our report highlights the need for urgent intervention to revitalize this critical sector.”
The report identifies key factors contributing to the industry’s decline, including inefficient management practices, old grooves, outdated industry structures, and lack of investment. It also provides actionable insights and strategies drawn from successful practices in leading palm oil-producing countries.
“The report serves as a roadmap for stakeholders to reclaim Nigeria’s position as a global leader in palm oil production,” said Bello. “By implementing the recommended strategies, we can unlock the industry’s potential, create jobs, and contribute significantly to Nigeria’s economic growth.”
The report is an essential resource for ministries of agriculture, farmers and agro entrepreneurs, extension services, NGOs, investors, and organizations involved in agricultural development projects.
Experts expected to speak at the launch of the report include Dr Adewale Onadeko, MD of SWAgCo (O’dua Investment Group), Dr Bayo Ogunniyi, Country Programme Analyst at IFAD, and Ramses Najem, CEO of BulkDirect.
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