Nigeria’s Palm Oil Imports From Malaysia Rises By 505% In Q1

Nigeria’s Crude Palm Oil (CPO) imports from Malaysia – top global producer – have risen by 505 percent in the first quarter of 2023 despite local production push by the federal government, data from Malaysian Palm Oil Council (MPOC) shows.

The country’s CPO import from Malaysia increased to 63,788 metric tons (MT) in the first three months, January to March from 10, 536MT in the same period in 2022, up by 53, 252 MT on a year-on-year basis, the data states.

In 2022, the country imported 227,035 MT of crude palm oil from Malaysia.

To boost local crude palm oil production, the federal government listed crude palm oil on the 41 items restricted from forex access.

Similarly, to protect the country’s palm oil industry and spur the industry growth, the Nigerian government had imported a 35 percent tariff (10 percent duty and 25 percent levy) on palm oil imports into the country.

Despite this, oil palm imports into the country are still on the rise owing to the huge demand-supply gap.

Tags: MPOC, imports, Nigeria, Malaysian Palm Oil Council, CPO, Crude palm oil, Production, Malaysia