Nigeria, Malaysia Palm Oil Trade Stood at $600m in 2024

Nigeria, Malaysia Palm Oil Trade Stood at $600m in 2024

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, highlighted the strong and growing palm oil trade between Malaysia and Nigeria as a key driver of enhanced bilateral relations. He revealed that palm oil constitutes about 50% of Malaysia’s exports to Nigeria, with an export value reaching $600 million in 2024. This thriving trade reflects a committed agricultural partnership that has also attracted foreign investors interested in Nigeria’s agricultural potential.

Omar noted that the Malaysian diaspora in Nigeria, currently about 50 individuals mostly based in Lagos and increasingly in Calabar, are heavily involved in the palm oil industry, particularly in managing plantations. Their active participation signifies close ties and collaboration in the sector.

The agricultural cooperation between the two countries aims to improve productivity and efficiency in palm oil cultivation, reinforcing trade ties. Furthermore, the Malaysian High Commission is working actively to boost foreign investment beyond palm oil, targeting Nigeria’s wider agricultural sector. Given the rising global demand for palm oil, there are ample opportunities for diversification and investment, which Omar believes will benefit both nations economically and strengthen their partnership.