Succor has come the way of users of palm oil in Nigeria . Malaysia , the country which took the oil palm seeds away from Nigeria several years ago, is planning to flood the market from its silos in Ghana . Some 5,000 metric tonnes of the commodity have arrived at the Apapa Bulk Terminal Limited in the Apapa Port Complex, Lagos.
It was learnt that the commodity was ferried to the terminal a few weeks ago. Its arrival came on the heels of reports that Malaysia, the world’s second largest producer of palm oil, had concluded plans to build silos on Tema Beach, Ghana. The move, it was learnt, was to further improve its export to the Nigerian market with barrels of palm oil, the shortage of which has hit the country.
Malaysia remains the world’s second-largest exporter of palm oil after Indonesia . The two countries account for 85 percent of global production of palm oil. Trailing China and India, Malaysia ranked as the world’s top producer and exporter of palm oil, generating fifty per cent of the global output, of which 85 per cent is exported.
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News source: Kayode Ogundamisi
