By 2021, the global palm oil production market worth is expected to hit 92.84 billion US dollars (N33 trillion), amounting to four times the nation’s budget size of N8 trillion.
According to a Zion Market Research’s new report titled, “Palm Oil Market Analysis by Derivative (palm oil, palm kernel oil, palm kernel cake, and others), and for edible oil, cosmetics, bio-diesel, lubricants, surfactants and other applications – global industry perspective, comprehensive analysis, and forecast, 2015 – 2021,” the market will grow annually by 7.2 percent from $65.75 billion to $92.84 in 2021.
Nigeria ranked fifth with an annual production capacity of 904,000 metric tonnes behind Indonesia (33.4m tonnes), Malaysia (19.9m tones), Thailand (1.8m tones) and Colombia (1.2m tones).
This means that Indonesia and Malaysia produce about 85per cent of the world’s palm oil. But one of the top producers, Malaysia, was said to have been behind Nigeria in the late 1960s. Malaysia’s success continues to ignite a debate over Nigeria’s neglect of the subsector and the need to revamp the red liquid gold industry.