In the 1950s and 1960s, oil palm farming was a key sector of the Nigerian economy.
The sector generated about 43 per cent of the world’s total production. Nigeria was considered as the leader in the world palm oil market. The production of palm oil went beyond domestic consumption, with the excess produce exported to the world palm oil market.
However, in the past decades, the country has become an importer of palm oil due to the negligence of the sector. Today, Nigeria produces only less than two per cent of global output.
PREMIUM TIMES’ assessment of the palm oil market shows that most farmers sell their products at available market price, as prices continue to fluctuate.
In 1965, the World Bank injected nearly $2 billion into over 45 projects in Southeast Asia, Africa, and parts of Latin America to support the growth of the palm oil industry. Indonesia received $618.8 million, the highest; Nigeria received $451.5 million, while Malaysia got $383.5 million.
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