AreaNigeria

Commodity GroupOilseeds, oils and meals

CommodityOil palm

Date01/06/2019

Policy CategoryProduction

Policy InstrumentSector development measures

DescriptionAnnounced a comprehensive support package aimed at boosting domestic palm oil production and ending the nation’s 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.

NotesTo improve the country’s foreign exchange earnings, the Nigerian Government is planning a seven-fold increase in the country’s palm oil output over the coming eight years. According to media reports, the following measures are envisaged to stimulate the sector’s 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.