Nigeria: Oilseeds and Products Annual
In June 2019, the Nigerian government formulated a new policy to invest some $500 million in expanded palm oil production. The policy aims to increase palm oil production by 700 percent over the next eight years (i.e., 2019-27), boosting annual local production to 5.0 million metric tons (MMT), up significantly from the marketing year (MY) 2018/19 estimate of 1.0 million metric tons. FAS Lagos forecasts Nigeria’s MY 2019/20 palm oil production to reach 1.14 MMT, up 12 percent compared to the previous year. Nigeria has the potential to become a significant market for oilseeds, oil meals, and oils for domestic and industrial consumption.