21.10.2019 (New Telegraph Newspaper) - High demand by consumers has pushed up the price of Malaysian crude palm oil by 68.9 per cent within the last three months.

Also, the price of the produce has affected the business negatively in Nigeria by 26.3 per cent.

Findings revealed that importers have ferried a total of 340, 068 metric tonnes of the crude palm oil valued at N256.7 billion ($713.12 million) into the country between January 2018 and September 2019 from Malaysian.

Apart from Malaysia, importers also source the produce from Thailand, and Indonesia and India to meet industrial and domestic demand in the country.

According to Malaysian Palm Oil Board (MPOB), new price of the produce is $2,097 instead of $674 because of the competition in the global market.

As at May this year, MPOB explained that it had kept its export duty on crude palm oil at zero per cent because of stiff competition among the Asian exporting countries.

Due to this, Nigerian Ports Authority (NPA)’s shipping data revealed that 82,210 tonnes of the produce were imported between June and August 2019.

This week, the data also revealed that 16,000 tonnes of the produce have arrived the Apapa Bulk Terminal Limited (ABTL), Lagos Port at the weekend.

Despite the produce being among the list of 41 items restricted from accessing the Central Bank of Nigeria (CBN) foreign exchange, NPA’s shipping data further indicated that the 248,388 metric tonnes of crude palm oil were ferried to the country between January and May, 2019.

 Currently, palm oil imports attract 10 per cent duty and 25 per cent levy in the country.

It was learnt that within the period, Navig8 Universe berthed at Apapa Bulk terminal Limited (ABTL) with 20,000 tonnes of the produce, while Alangova and Rosy discharged 9,500tonness and 10,200 tonnes in the terminal respectively at the terminal in February.

Other vessels, which berthed at theABTL of the Lagos Port Complex, include Africa Runner5 laden with 5,195 tonnes; Lustsen, 5,717 tonnes; Kerel, 16,400 tonnes and Chembulk Houston, moored at New Oil Jetty with 5, 028 tonnes.

In May this year, Malaysia and Thailand exporters slashed the price of crude palm oil as demand for the commodity increased in the country but was suddenly increased in September.

Between 2017 and 2018 Nigeria annual consumption of palm was 2.7 million tonnes.

 Meanwhile, CBN had assured that Nigeria would emerge as the third largest producer of palm oil in the world.

CBN Governor, Mr. Godwin Emefiele, said recently that the country would have recorded great heights in capital returns and job creation if the country had supported improved cultivation of palm oil like the rest of the world.

Emefiele told stakeholders in Abuja recently that plans were underway to develop sustainable financing models for the country’s oil palm.