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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.
During its existence, the oil palm produce board transferred funds to the regional production and development company for the establishment of pioneer oil mills. [ 3 ] 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 ...
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]
Daily oil consumption by region from 1980 to 2006. This is a list of countries by oil consumption. [1] [2] In 2022, the International Energy Agency (IEA) announced that the total worldwide oil consumption would rise by 2% [3] year over year compared to 2021 despite the COVID-19 pandemic. [citation needed]
Okomu Oil Palm Company Plc is a Nigeria-based company that is involved in oil palm plantations, palm kernel processing, and rubber plantations. 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 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]
The history of oil exploration in Nigeria goes back to 1903, when the Nigerian Bitumen Corporation conducted exploratory work in the country. At the onset of World War I, the firm's operations were stopped. Due to lack of technological and financial resources of small oil companies, large and strong other oil companies took over the exploration ...