Palm Oil Vs Crude Oil Production and Consumption in Nigeria (1)
My New Direction of Research and Innovation
Before 1965, Nigeria was the world’s leading producer and exporter of palm oil, and has suddenly since 1974 feel off to contribute to the export trade in the commodity, largely due to increased domestic demand/consumption that have not kept pace with the production. Why and how is production not in the same pace as demand? You and I contributed.
Are you aware that it is only Ivory Cost in Africa that satisfies its country palm oil consumption rate while other countries in Africa satisfy their consumption rate by leveraging on importation of the product? The implication is that Nigeria now imports palm oil for consumption when there are free naturally grown up palm tree in the forest of South-West, South-South and South-East, Nigeria. Yet we are complaining of unemployment!
Palm oil per barrel today at the international market is $60 while crude oil is just $40 per barrel. Do you spot any meaningful difference?
Have you ever reason that one bottle of palm oil is costly than a litre of petrol even at the height of subsidy removal?
What is the market size and consumption rate of palm oil in Nigeria as at today?
Are there any problem(s) being faced by palm oil sellers and consumers with the current practice in the market through carrying of dirty rubbers or bottle containers to the market to purchase the product?
Are we having any problem with distribution of the commodity?
What benefits could large oil palm plantation, processing, production and exportation bring to Nigeria and Africa?
Are you aware that if we focus on this aspect; from Oil Palm Plantation-to-cultivation, from cultivation -to-processing, from processing-to-packaging and from packaging-to-marketing, and finally from marketing-to-sales and exportation: Nigeria will reduce a certain percentage of its unemployment and at the same time generate foreign income for national development.
Total concentration on petroleum is killing us as a nation. Nigerian youths wake up. We don’t need to wait for any government before we can make a profitable business out of this. It is time to explore agriculture and technology.
Expect more publications on this subject matter as a new innovation will be developed soon. Something new is coming! Watch out!
I’m currently researching on this topic with a view to developing a new business model out of the traditional practice in the business in line with modernity, innovation and global best practices.
My name is Oludaisi Omokungbe, a growth consultant, conference speaker, media practitioner, writer and entrepreneur. (Twitter: @daisi405 or 08033039876). Please share or republish.