Nigeria’s continued reliance on imported palm oil is highlighting the need for greater investment in local agriculture, as private-sector initiatives seek to attract more Nigerians into farming to strengthen domestic production.
Nigeria spent N23 billion importing palm oil in the first quarter of 2026, according to figures cited by Reftop AgroField Limited.
David Assogba, group chief executive officer of Reftop Homes Limited, said the palm oil sector had been neglected despite the crop’s historical importance to West Africa. He argued that changing public attitudes towards farming was essential to unlocking its economic potential.
‘Every Nigerian should consider going back to farming because farm is the next oil,’ he said.
Assogba noted that many Nigerians had grown up viewing farming as an occupation for the poor or uneducated, despite growing global interest in agricultural land. He said agriculture could become a more attractive investment option as countries seek to strengthen food production and reduce dependence on imported commodities.
One approach being explored is agro-real estate, which combines agricultural land ownership with professionally managed farming.
Emmanuel Oluwatosin, chief operating officer of Reftop Homes Limited, said the company’s PalmCrest initiative had allocated 2,700 acres of land to subscribers across its first two phases, with plantation development also underway.
PalmCrest is marketed by Reftop Homes Limited and managed by Reftop AgroField Limited. The initiative allows subscribers to own designated agricultural land while the company oversees plantation development and farm operations.
However, its contribution to Nigeria’s palm oil supply will depend on crop yields, plantation maturity and the capacity to process harvested palm fruit.
Assogba called on the government to support agricultural development through access to fertiliser, mechanised equipment and improved security for farmers.
Nigeria’s challenge extends beyond attracting investors. Increasing local palm oil production will require productive plantations, efficient processing facilities and sustained support for farmers.
Whether private investment can help reduce import dependence will ultimately depend on how effectively agricultural land is converted into commercially productive farms.