Nigeria missing from major palm oil producing countries

Nigeria missing from major palm oil producing countries

Nigeria missing from major palm oil producing countries   Despite being heavily endowed with palm trees in some parts of the country, Nigeria was conspicuously missing from a recent list of major palm oil producing countries. A 2020 report compiled by a leading market research outlet, Research and Markets, listed Indonesia, Malaysia, India, Colombia and the European Union as major palm oil producing nations in 2020. With world’s production volume of 1.03 million metric tonnes output, Nigeria produces 1.05 per cent or 1.03 million metric tones, making it the fifth…

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Global palm oil prices hit nine-year high

Global palm oil prices hit nine-year high

Global palm oil prices hit nine-year high   Palm oil prices surged to a nine-year high in January, following a fall in production in Malaysia and Indonesia, the world’s leading producers and exporters. Malaysia’s benchmark palm oil contract flagged off the year at near decade-high levels of $940.13 caused by a supply crunch in the demand of global edible oils. The two Southeast Asian countries with a combined estimate of 85 per cent global production saw a drop in inventory due to labour shortages caused by the effects of the…

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