NBS: Nigeria Spent ₦23bn Importing Palm Oil in Q1

Nigeria spent approximately ₦23 billion on palm oil imports in the first quarter of the year, according to data released by the National Bureau of Statistics NBS, highlighting continued pressure on domestic production capacity.

The figures show that despite being one of the world’s historically leading palm oil producers, Nigeria still relies on imports to meet rising industrial and household demand.

Analysts attribute the gap to challenges including low yield, aging plantations, and insufficient investment in modern processing infrastructure. They also point to land access issues and insecurity in key agricultural regions.

The import bill has raised concerns among policymakers who have repeatedly emphasized the need for agricultural self-sufficiency. Government officials say efforts are underway to boost local production through incentives for farmers and expansion of oil palm cultivation schemes.

Agricultural stakeholders argue that addressing structural inefficiencies in the value chain is critical to reducing dependence on imports and conserving foreign exchange.

The report is expected to inform ongoing policy discussions around food security and agro-industrial development.