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An adoption and implementation of a new constitution in 1954 created the Eastern Region Marketing Board which acquired most of the assets of the Nigeria Oil Palm Produce Marketing Board. [4] From 1954 onward, the responsibilities of the board began to change, surplus funds were accumulated and used to finance public and private institutions in ...
Palm oil block showing the lighter color that results from boiling. Palm oil is an edible vegetable oil derived from the mesocarp (reddish pulp) of the fruit of oil palms. [1] The oil is used in food manufacturing, in beauty products, and as biofuel. Palm oil accounted for about 36% of global oils produced from oil crops in 2014. [2]
In colonial era, integration of Nigeria into the world economy was driven by the production of cash crops such as palm oil, cocoa and groundnut and the initial official intervention programmes concentrated on cash crops. [2] A resulting interest in innovation and entrepreneurship helped increase production of such crops. [3]
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.
The palm oil industry constitutes another sector of the Nigerian economy, providing food and raw materials for the food, cosmetics, pharmaceuticals, plastics, and bio-energy industries. 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 ...
Oil from Elaeis guineensis is also used as biofuel. Human use of oil palms may date back to about 5,000 years in coastal west Africa. Palm oil was also discovered in the late 19th century by archaeologists in a tomb at Abydos dating back to 3000 BCE. [6] It is thought that Arab traders brought the oil palm to Egypt. [citation needed]
Olam International is an agri-business company, operating in 60 countries and supplying food and industrial raw materials to over 20,900 customers worldwide, placing them among the world's largest suppliers of cocoa beans, coffee, cotton and rice.
Palm oil was used locally for cooking, the kernels were a source for food, trees were tapped for palm wine, and the fronds were used for building material. It was a relatively simple adjustment for many Igbo families to transport the oil to rivers and streams that led to the Niger Delta for sale to European merchants.