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Okomu Oil produces crude palm oil, palm kernel, palm kernel oil, and palm kernel cake. In 2023, Okomu Oil's revenue grew by 26.61% year-over-year to N75.108 billion. [1] The company's pre-tax profit grew by 44% year-over-year to N33.839 billion in 2023. [2] Okomu Oil and Presco Oil are the two largest producers of palm oil in Nigeria, with ...
The Nigeria component was renamed Nigeria Institute for Oil Palm Research (NIFOR) by the Research Institute's Act 33 of 1964. [1] Same year, the institute mandate was expanded to include coconut, raphia, date palm and some skeletal works on coconut mostly to understand the coconut pest and diseases, coconut nutrition.
The history of Nigeria can be traced to the earliest inhabitants whose date remains at least 13,000 BC through the early civilizations such as the Nok culture which began around 1500 BC. Numerous ancient African civilizations settled in the region that is known today as Nigeria, such as the Kingdom of Nri , [ 1 ] the Benin Kingdom , [ 2 ] and ...
In Nigeria, the institute with information about oil palm is the Nigeria Institute for Oil Palm Research. The formal mandate of the institute is to conduct research into the production and products of oil palm and other palms of economic relevance and transfer its research findings to farmers. [62] As of 2023, Edo state holds the top position ...
In the 19th century, Britain was interested primarily in opening markets for its manufactured goods in West Africa and expanding commerce in palm oil. Securing the oil and ivory trade required that Britain usurp the power of coastal chiefs in what became Nigeria. That was an unplanned consequence of the creation of the Sokoto Caliphate in 1804.
British merchants led the trade in palm oil, while the Portuguese and others continued the slave trade. [17] Much of this oil was sold elsewhere in the British Empire. [27] To produce all this oil, the economy of the southern region crossed over from mostly subsistence to the production of palm oil as a cash crop. [28]
In 2003, the amount of oil extracted from Nigeria was expected to expand from 15,000 barrels per day (2,400 m 3 /d) to 1.27 million barrels per day (202,000 m 3 /d) in 2010. [22] Deepwater oil production is less vulnerable to disturbance by local militant attacks and seizures, due to civil conflicts, and sabotage. [22]