Expert links surging palm oil prices to low domestic output

From Ighomuaye Lucky, Benin
The Chief Research Officer of the Nigerian Institute for Oil Palm Research (NIFOR), Mr. Omofomwan Isaac, has attributed the persistent increase in prices of palm oil to insufficient local production.
He made the assertion while speaking with journalists in Benin City, Edo State capital, yesterday.
Isaac said the sector is facing serious pressure due to structural challenges affecting production, distribution, and market operations.
According to him, recent research showed that the average price of palm oil in Nigeria rose sharply from N1.17 million per ton in 2022 to N2.38 million per ton in 2025.
Isaac further noted that prices increased by more th...