Nigeria spends N91bn importing palm oil in six months despite being Africa’s largest producer

Nigeria, ranked Africa’s largest palm oil producer and fifth globally, imported palm oil worth approximately N68 billion from Liberia, Côte d’Ivoire and Ghana between April and June 2026 — a sharp rise from N23 billion in the first quarter — highlighting a widening gap between domestic production and consumption, according to National Bureau of Statistics trade data.

According to Sahara Reporters, Liberia alone supplied N51 billion worth of crude palm oil, followed by Côte d’Ivoire at N15 billion and Ghana at N2 billion during the second quarter.

Despite Nigeria producing roughly 1.5 million metric tons annually, increasing domestic consumption, limited agricultural productivity and value chain challenges have created a significant supply deficit — undermining both Nigeria’s food security position and the Central Bank’s Oil Palm Development Initiative.