Oil palm was a major agricultural export crop and a top foreign exchange earner in the 1950s and 1960s. Before the discovery of crude oil in large scale, Nigeria was the first largest producer of Palm oil and currently the largest consumer of palm oil in Africa. With a population of over 197 million people, Nigeria consumes roughly 3 million MT of fats and oils annually with palm oil accounting for approximately 45 per cent of total consumption in 2018. Nigeria is the largest consumer of palm oil in Africa with 1.34 million metric tonnes in 2018, according to an analysis by PriceWaterhouseCoopers(PWC), an international auditing firm.
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