Nigeria’s leading palm oil producers, Okomu Oil Palm and Presco Plc, are on track for record profits amid a looming global supply crunch triggered by Indonesia’s expanded biofuel policy. The world’s top producer plans to raise its biodiesel blend from 40 per cent to 50 per cent, diverting more palm oil to energy use and reducing export volumes.
In Nigeria, where local demand far outstrips supply, producers are cashing in. Okomu Oil reported ₦60.3 billion in profit for the first nine months of 2025, a 50 per cent jump, while Presco saw profits soar over 4,000 per cent compared to 2015 levels.
The Edo State palm oil belt has attracted over $500 million in investment across 70,000 hectares, with key players including Dufil Prima Foods and Flour Mills Nigeria working to strengthen sustainability and boost output.
With palm oil prices up more than 100% in 2024 and continued tightness expected into 2026, Nigerian producers are well-positioned to benefit from a global market squeezed by biofuel demand, currency shifts, and food inflation pressures.
