Crude palm oil imports soar 487% on rising demand

Nigeria's crude palm oil imports skyrocketed by 486.94 percent year-on-year in the first half of 2026, reaching N91.62 billion. This sharp increase is due to a growing demand that outpaces domestic production. According to data from the National Bureau of Statistics, Nigeria spent N91.62 billion on crude palm oil imports between January and June 2026, compared to N15.61 billion in the same period last year.

The imports rose from N7.87 billion in the first quarter of 2025 to N23.16 billion in the first quarter of 2026, and then surged to N68.46 billion in the second quarter of 2026. The widening gap between domestic production and industrial demand has become a major concern. Industry operators estimate a supply deficit of approximately 1.5 million tonnes.

Tunde Banjoko, chairman of the Lagos Chamber of Commerce and Industry's Agricultural and Allied Group, emphasized that Nigeria still faces a significant production shortfall and stated that increased imports are not the solution. He urged the government and private investors to invest more in expanding local production, particularly through the rehabilitation of ageing plantations and supporting existing producers.