ACCORDING TO DATA FROM THE MALAYSIAN PALM OIL COUNCIL, NIGERIA’S PALM OIL IMPORTS FROM MALAYSIA HAVE SURGED BY 353 PERCENT IN THE FIRST FOUR MONTHS OF 2023 DESPITE LOCAL PRODUCTION.  THE COUNTRY’S PALM OIL IMPORT FROM MALAYSIA INCREASED TO 92,961 METRIC TONS (MT) BETWEEN JANUARY-APRIL 2023, FROM 20,513 (MT) IN THE CORRESPONDING PERIOD OF 2022 WHICH INDICATES A 72,448 METRIC TONS INCREASE. DESPITE MOVES BY THE GOVERNMENT, IN LISTING CRUDE PALM OIL ALONGSIDE OTHER 40 ITEMS RESTRICTED FROM FOREX ACCESS, AND CLOSING THE NIGERIAN BORDERS, OIL PALM IMPORTS INTO THE COUNTRY ARE STILL ON THE RISE OWING TO THE HUGE DEMAND-SUPPLY GAP.

 ACCORDING TO THE MANAGING DIRECTOR, PALMTRADE AND COMMODITIES DEVELOPMENT NIGERIA LTD, HENRY OLATUJOYE, NIGERIA’S OIL PALM IMPORTS FROM MALAYSIA WILL CONTINUE TO INCREASE BECAUSE  INVESTMENT IN THE INDUSTRY IS STILL VERY INSIGNIFICANT.