Nigeria Spends N197 Billion Annually Importing Palm Oil
In the good old days, before the arrival of crude oil, Nigeria was a net exporter of palm oil.
But now, it spends close to 200 million naira importing the product from Malaysia and other countries to bridge local demand.
According to an organisation known as Trade Statistics for International Business Development, Nigeria’s palm oil deficit is now at about $800 million.
In a report, the body, said legitimate import for palm oil in Nigeria falls within the range of $224 to $546 million, about 80 to 197 billion naira annually.
According to the data, the country at the moment, has a palm oil deficit of about 900,000 metric tonnes estimated at $800 million, about 288 billion naira.
However, importation of refined palm oil/vegetable oil is prohibited while 35% duty is charged on the importation of crude palm oil and crude vegetable oil.
With an estimated population of 193 million, Nigeria’s household consumption has dramatically risen, as shown in the report.
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