Nigeria’s leading oil palm companies are witnessing remarkable financial growth, propelled by strategic investments and favorable market dynamics.​

Okomu Oil Palm Company Plc reported a 26.61% increase in revenue, reaching ₦75.1 billion in 2023, up from ₦59.3 billion in the previous year.

The company’s pre-tax profit also rose by 44%, amounting to ₦33.8 billion during the same period. ​

Similarly, Presco Plc demonstrated robust performance in 2024, with revenue surging by 93.5% to ₦198.16 billion, nearly doubling the ₦102.4 billion recorded in 2023. Net profit also saw a significant rise, reaching ₦104.28 billion. ​

The Nigerian palm oil sector stands to benefit from global market dynamics.

Private sector investors are expanding oil palm production and increasing processing capacity to capitalize on strong domestic and international demand.

The Central Bank of Nigeria’s intervention framework aims to facilitate the cultivation of 350,000 hectares of oil palm by 2028, promoting easier access to funding for large companies and small and medium-sized enterprises.​

Despite being one of the largest oil palm-producing countries, Nigeria continues to rely on imports to bridge its supply gap.

In 2023, the country imported $420 million worth of palm oil, primarily from Malaysia, Indonesia, Ghana, Côte d’Ivoire, and Benin.

However, with ongoing investments and government support, the domestic palm oil industry is expected to strengthen, reducing dependency on imports and enhancing Nigeria’s position in the global market.