Food and beverages, pharmaceutical, cosmetics and chemical companies all over the world such as PZ Cussons, Unilever, May and Baker and more all use Palm oil in their daily production of innumerable products for domestic and industrial consumption accounting for over 65% demand for Palm oil, Palm kernel oil and other byproducts of Palm tree farms.
According to CBN, Nigeria needs to produce 2.5 million metric tons annually estimated at ($20 billion) i.e NGN22 Trillion tonmeet our local palm oil demand but we produce about 1.3 million metric tonnes interval, leaving a shortfall of 1.2 million metric tonnes (over N60 billion) importation of Palm Oil for domestic and industrial use.