By Grace Samuel
Nigeria’s palm oil industry has had an interesting history, with the country once being the top producer in the world in the early 1960s.
However, this position changed in 1966 when Malaysia and Indonesia surpassed Nigeria, pushing it down to the fifth spot. As of 2018, Nigeria has made a comeback and is now the third-largest producer.
This resurgence reflects the country’s dedication to revitalizing the palm oil sector. In the past, Nigeria held the title of the largest global producer until 1934.
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Palm oil is a highly efficient crop, producing more oil per land area than any other vegetable crop. The extraction rate ranges from 17-27% for a bunch of oil palm fruits.
The importance of palm oil in Nigeria’s economy cannot be overlooked. It is a crucial cooking oil due to its high carotene content. It also serves as a primary raw material for various industries such as detergents, soap, margarine, confectionery, and bakery trade.
Additionally, palm oil is used as additives in animal feed, contributing significantly to the country’s economy. Palm oil’s nutritional profile is also noteworthy.
It contains approximately 50% saturated fat, 40% unsaturated fat, and 10% polyunsaturated fat, providing a balanced mix of essential nutrients.
This, along with its versatility, adds to its value for both domestic consumption and industrial applications. Overall, palm oil has made a significant contribution to Nigeria’s GDP and foreign exchange earnings.
