The world market for palm oil is one of the most dynamically developing markets. The volume of production and foreign trade of this natural product, obtained from the fruit of the palm, is growing steadily. The bowels of Nigeria are rich in oil, gas, coal, and metal ores. But not all of its riches are hidden under the earth. The production of palm oil in Nigeria is the largest among African countries.
Palm oil is one of the most important economic oil crops in Nigeria. The production of palm oil serves as a mean of livelihood for many rural families and is part of the farming culture of millions of people in the country. In the early 1900s, Nigeria produced all the palm oil that was exported to the world market, and it was considered to be a major source of foreign currency. Until 1960, Nigeria was the world’s largest producer of palm oil. Our country accounted for 43% of global palm oil production. However, as a result og many factors, it had been increasingly difficult for Nigeria to cope with the growth of global demand for palm oil, and they lost their superiority.
These are the largest oil producing states and states with the largest area under palm oil production in Nigeria:
- Akwa Ibom
- Cross River