Nigeria, Côte d'Ivoire and Cameroon Lead African Countries With Highest Palm Oil Production
- Nigeria ranks high as Africa's top producer and exporter of palm oil on the continent
- The country leads Côte d'Ivoire, Cameroon, Ghana, and others as a top producer of the product
- But analysts say the war in Ukraine has impacted heavily on the export and prices of the product globally
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According to Statista, Benin and Côte d'Ivoire were Africa's largest exporters of palm oil in 2018.
The countries exported around 460,000 metric tons and 200,000 metric tons of the product, respectively.
War in Ukraine affects global palm oil price
Ghana, Kenya, and Togo also ranked high as the highest exporters of the product in 2018.
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But analysts say Russia's invasion of Ukraine has impacted the palm oil business and triggered knock-on effects on the product.
The crisis has propelled the prices of palm oil, primarily found in dishes in Nigeria and other African countries, to record high prices, according to a Reuters report.
Analysts say the war will deepen food costs and inflict heavy financial casualties on the poorest.
The crisis has also led Indonesia, a top palm oil exporter, to ban some exports in recent times to control domestic prices, as food costs account for 40% of households' consumer spending in Africa.
Food prices skyrocket in Africa
Millions of Africans are pushed into poverty as food and energy prices rise, and increasing palm oil prices may force many to make tough decisions.
The product has become a critical ingredient in many products. Palm oil use is versatile, from food to cosmetics and personal care products.
BusinessInsider reports that demand for palm oil has skyrocketed in the past decade despite its production being linked to environmental degradation.
Palm oil production has provided job opportunities and contributed to the economic growth of many African countries.
Top palm oil producing countries in Africa
- Nigeria: 1.4 million metric tons
- Cote d'Ivoire: 600,000
- Cameroon: 465,000 metric tons.
- Ghana: 300 000 metric tons.
- DRC: 300,000
- Sierra Leone: 75,000 metric tons
- Angola: 55,000 metric tons
- Guinea: 50,000 metric tons
- Liberia: 45,000 metric tons
- Senegal: 14,000 metric tons
Report says Nigeria rakes in N1.4 trillion from oil in February
Legit.ng reported earlier that the Nigerian Government earned about N1.4 trillion from oil export in February 2023.
Earnings from oil export increased marginally in February last month, as oil output surged by 100,000 barrels per day, amounting to an increase of 2.8 million barrels in the month, data from Reuters said.
An analysis of the data indicates that an increased crude oil production by 100,000 daily translates to a 2.8 million output in February 2023.