August 2025 | www.interfaceafrica.co.uk
Nigeria’s Palm Oil Sector Quietly Surges in Lagos and Abuja Markets
While urban attention in Lagos and Abuja has gravitated toward fintech and digital startups, Nigeria’s palm oil industry has been quietly delivering exceptional returns, much to the surprise of many city-based investors.
- In Q1 2025, Presco Plc, headquartered at Obaretin Estate, Km 22 Benin‑Sapele Road, in Ikpoba‑Okha Local Government Area, Benin City, Edo State, Nigeria
, posted a 97.6% year-on-year growth in Profit Before Tax, reaching ₦58.6 billion on revenue of ₦93.8 billion . - For the full year 2024, Presco doubled revenue to ₦207.5 billion, with Profit After Tax surging to ₦77.8 billion, a 140.4% increase from 2023 .
- Meanwhile, Okomu Oil Palm Plc, headquartered in Edo State, posted ₦33.84 billion in pre-tax profit for 2023 a YoY growth of 44%, on revenue of ₦75.1 billion . Recent H1 2025 figures show profit after tax rising by 135% to ₦47.5 billion, on revenue of ₦129.8 billion (up 73%) .
📈If You Had Invested ₦10 Million in Jan—Your Returns Would Be in Lagos, Not London
An investment of ₦10 million in Presco or Okomu at the start of 2024 would now be worth over ₦22 million nearly doubling in less than 18 months. It’s a performance rarely seen within the Lagos fintech circles, but quietly hailed across agricultural communities in Accra, Nairobi, and Johannesburg.
Nigeria Still Imports Over 300,000 MT Despite Rising Local Output
- In 2023, Nigeria imported over 304,000 metric tonnes of palm oil from Malaysia alone—a 34% year-on-year increase despite devaluation of the Naira and growing domestic production .
- Annual demand in Nigeria is estimated at around 3 million MT, while production remains at 1.4–1.5 million MT, leaving a large supply-demand gap .
User Voice: Lagos Traders Speak Out
From comments collated on local forums:
“A 25L keg of palm oil now costs ₦60k—it was ₦30k last year. The price reflects real demand and supply shortages.”— Palm oil trader, Lagos
“Prices doubled from ₦5,000 to ₦10,000 per 5-litre due to inflation and scarcity.”— UI/UX expert, Abuja
Foreign Investors Capturing Palm Oil Profits
Foreign capital has leapt into Nigeria’s palm oil value chain, recognizing the strategic supply gap and export potential. While Lagos fintech startups grab headlines, global stakeholders are quietly reaping rewards from farmland in Edo State and Delta Region.
The Missing Link: Local Processing Capacity
Despite robust production, Nigeria continues to export raw palm oil and import finished products. That disconnect means lost value:
- Countries like Malaysia and Indonesia focus on refining and packaging.
- Nigeria’s processing infrastructure remains underdeveloped, especially in southern agro-hubs near Lagos and Accra.
Fintech is the rail, but processing unlocks real economic future.
Palm Oil Offers Real Sector Stability Over Digital Hype
Fintech builds platforms, yes, but it must ride a foundation of real physical economy. Palm oil delivers stable cash flow, job creation in rural zones, and export-ready commodities.
Key Takeaways for Major African Business Hubs:
Credibility and Sources
- Financial results for Presco Q1 2025 from Nairametrics & Tekedia
- Full-year 2024 audited results via BusinessDay, PunchNG, AssetRise
- Okomu Oil 2023 & H1 2025 profit data from MarketScreener & community reports
- Nigeria’s palm oil import data from BusinessDay/MPOC
- National stats on production gap from USDA & Wikipedia agricultural analysis
Real Returns in the Real Sector
Interface Africa’s coverage demonstrates that Nigeria’s palm oil industry is no niche story, it’s the backbone of sustainable economic growth and wealth creation across West Africa and beyond. With major urban centres like Lagos, Abuja, Accra, Nairobi, and Johannesburg still fixated on fintech narratives, it’s time stakeholders reorient towards value addition, agro-investment, and infrastructural development in agriculture.
Let this be a wake‑up call: fintech builds the rails but processing is where future prosperity is rooted.
Published by Interface Africa Magazine
Pan-African business analysis from Lagos to Nairobi
📍 Lagos | Abuja | Accra | Nairobi | Johannesburg
🌍 www.interfaceafrica.co.uk
#NigeriaPalmOil #PrescoPlc #OkomuOil #Agribusiness #ValueAddition #NonOilExports #InterfaceAfrica
