End of February signals buying season for palm oil, waiting for the price highs of October through to December.
Some of the largest oil palm plantations in Nigeria are located in Edo State. The state is home to the two largest oil palm plantations in Nigeria namely Okomu Oil Palm Plantation and Presco Oil Palm Plantations and they both produce the best grade and most sought after palm oil in Nigeria.
Flourmills Nigeria, Dufil and Saro Africa are all planting thousands of hectares of oil palm plantations in Edo State.
Forecasts in the price of staples suggests unprecedented gains for traders buying palm oil for storage until end of year. These traders stand to reap gains of 75% at end of year when 25 litre kegs are expected to rise above N40,000.
Palm oil is selling now for between N18 – N25 per 25 litres keg of the non-technical grade and buyers are expecting a boom season beginning from October. Traders who store oil for the boom season are looking out for gains of over 75% by October through December.
Last year’s performances were impressive. In March 2023, the 25 litre keg were selling at N12000, but by October last year same 25 litre kegs were selling at N25000 in Lagos.
This year’s performance are projected to be far higher with
the food products inflation rising at galloping rates across the country. Palm
oil refined as Palm Olein is the dominant vegetable cooking oil in the Nigerian
markets.
palm oil
prices for week ending february 24:
Benin City: N18,000.
Enugu:. N16,000.
PH: N22,000.
Lagos:. N24,000.
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