Palm oil import bill rises 194% to N23bn

… Stakeholders tie rise to urbanisation, population growth, others By Cynthia Alo Nigeria’s import bill on palm oil rose by 194.4 percent year-on- year (yoy) to N23.16 billion in the first quarter of 2026 (Q1’26) from N7.87 billion in the corresponding period of 2025 (Q1’25).
This is contained in the National Bureau of Statistics (NBS) Foreign Trade in Goods Report which added that the Q1’26 figure also indicates a 65.4 percent quarter-on-quarter rise from N14 billion in Q4’25.
This comes against the backdrop of favourable climate for growth of palm trees in Nigeria. Nigeria has about 27 palm oil producing states including all nine states of the Niger Delta, and the South-East parts o...