Palm Oil

This growth was driven entirely by sales of crude and refined palm oil products.

Rasheed Sarumi’s US$46-million gain from Presco’s acquisition of Saro Oil Palm underscores the deepening connection between Nigeria’s corporate elite and the country’s agricultural trajectory, while reigniting debate over governance standards, inclusive growth, and fair wealth distribution within the sector.

The replanting rate dropped further to 2% last year, prompting concerns about long-term sustainability.

Sunflower oil imports declined by 7% in July as market preferences continued to favor more competitively priced soyoil.

The initiative marks a strategic pivot toward modernising the sector and reclaiming Nigeria’s status as a global palm oil powerhouse.