Wednesday, May 23, 2012


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Oil palm in Nigeria grows in the coastal belt which varies in depth from 100 to 150 miles and a riverine belt which follows the valleys of the Niger and Benue for a distance of about 450 miles from the sea. The main palm oil producing states includes Ogun, Ondo, Oyo, Edo, Cross River, Anambra, Enugu, Imo, Abia, Ekiti, Akwa-Ibom, Delta and Rivers.
Palm oil forms an important part of the local diet in Nigeria because animal fats such as milk and butter are hardly consumed. It is used both as a cooking material and as an ingredient in soups, sauces and a variety of local dishes. Consequently, there had long been a thriving market for palm oil both within the main areas of production in eastern and western Nigeria and between these regions and the non-palm oil producing northern region.
The market for palm oil is national. With a population of over one hundred and fifty {150,000,000} million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large market for edible oil. 
Palm Oil is edible oil extracted from the pulp of the fruit of the oil palm {Elaeis guineensis} while Palm kernel oil is a white to yellowish oil which is solid at normal temperatures and is obtained from the kernels of the oil palm.
“Oil" is a collective term for more or less viscous, generally organic-chemical liquids. Depending on their chemical composition, a distinction may be drawn between fatty, essential, mineral and silicone oils.
Palm oil can be differentiated into four {4} types namely 
TYPE A: SPO; It has low water content and is the best quality. They are used in the food industry and in soap making.
TYPE B: TPO; It has high water content and it is not good to store them for a long time. They are used in the production of soap especially black soap.
TYPE C: SLUDGE and TYPE D: ROUGH are bye products in the production palm oil.
For many people in Nigeria, oil palm cultivation is a way of life and culture. However, during the past decades the country has become a net importer of palm oil. While in the early 1960’s, Nigeria’s palm oil production accounted for 43% of world production, today it only accounts for 7% of total world output.
This situation creates a seller’s market. 

The return on investment in the trading of palm oil to local industries in Nigeria is estimated between 10% - 20%.

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Report Code: FORA/08/2012/107
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