Area
Nigeria
Commodity Group
Oilseeds, oils and meals
Commodity
Oil palm
Date
01/06/2019
Policy Category
Production
Policy Instrument
Sector development measures
Description
Announced a comprehensive support package aimed at boosting domestic palm oil production and ending the nations dependence on imported palm oil. Spanning until 2027, the package would include subsidized loans to growers, extended tax breaks for oil-palm plantations and processors, removal of tariff rebates on refined palm oil imports, and restrictions on crude and refined palm oil imports by local crushers and refiners.
Notes
To improve the countrys foreign exchange earnings, the Nigerian Government is planning a seven-fold increase in the countrys palm oil output over the coming eight years. According to media reports, the following measures are envisaged to stimulate the sectors growth: removal of tariff rebates on refined palm oil imports; extended tax holidays for producing and processing companies; and restriction of palm oil imports by large crushers and refiners.
