Post by Ismail AbdulAzeez on Apr 17, 2021 23:35:12 GMT 1
Palm Oil Business In Nigeria: Industry Potentials That Remain Untapped
Millions of Naira are being made daily by both business men and women in palm oil business. This agricultural produce yields more money than any other product that nature has given us in this country, the most productive land to ever exist in this golden age.
Nigeria used to be the largest producer of palm oil in the world when agriculture used to be the mainstay of the economy. However, since the discovery of crude oil, Nigeria has slipped to about the 4th position.
Nigeria’s annual consumption of palm oil is estimated to be 2.4 million metric tonnes, while we produce 1.1million metric tonnes.
Recent research data show that Indonesia produces 41.5 metric tonnes of palm oil, while Malaysia produces 20.5 metric tonnes annually. This means that Nigeria is currently lagging behind Indonesia, Malaysia and Colombia in palm oil production.
Many arms of businesses that can easily help in revamping the Nigerian economy are tied in oil palm production. Let us look at a few.
From palm fruits we get:
Palm kernel oil
Palm kernel fibre
Palm kernel cake
Palm kernel sludge
Palm kernel shell
and many others
Palm Oil business opportunity in Nigeria is one of the greatest opportunities that can empower many Nigerians into wealth; but why it is still greatly neglected is what is not clear to the average mind.
Why has the country abandoned palm tree planting? What are the problems the country’s farmers saw that made them abandon the most lucrative farming venture in the country?
After Crude Oil, the next resource nature has bestowed Nigeria with is the Palm Tree. If we start analyzing the palm tree that nature gave to this country, there will not be enough space to write all materials available.
There is nothing on the body of the palm tree that is lost. From the palm fronds to the stems; all are useful and are lucrative.
This article which is the first in the series on palm oil production is not about why the country abandoned the cultivation of palm oil or the activities of smugglers, it is going to be a series of how any able bodied young man or woman can easily key into this business and start making money immediately.
There are many sectors in the palm oil producing business; there are businesses for all in this sector of agriculture.
Let us start from when the palm fruits have ripened and ready for harvest, and I am assuming that you have no farm of your own; you can go to the farms and buy any quantity your finance can afford.
We are not talking about the big industrial establishments with huge capital base, no; we are talking about ordinary folks in the streets without much money. I can tell that people start this business with about N100, 000 and still made a success of it.
What Equipment Do You Require?
You need the local metal drums to enable you sterilize the palm fruits. You can buy from the farms and bring them to your compound or where ever you want to use in doing the business.
The equipment is not complicated, after steaming with little quantity of water you make sure that it is properly steamed or cooked before pressing the oil from the fruits.
There are different types of pressing machines, there are manual ones that people still use today, and you cannot wait until you can afford the automatic and mechanized one before you start your small scale business.
What are the by-products of palm fruits processing?
At the local level, the farmers make a lot of money, immediately after pressing out the oil from the fruits; the oil is stored in either drums or 25 litre plastic kegs. Within a short time buyers will come in and clear the stock.
The farmer is now left with the palm kernels; another set of buyers producing palm kernel oil will come in and clear the stock on ground.
From just the palm fruit, the business person makes money from two sources. Please tell me any other business apart from crude oil that can give an individual this sort of opportunity.
Keep a date with us, look out for more in the series.