Post by: Adegbola, Bukola Suliyat – bukola@farmkonnectng.com – 08093016914
The coconut oil production business is largely promoted as one of the most profitable small-scale production businesses any entrepreneur can venture into in Nigeria, since the producer doesn’t undergo the common risks and the high cost of production associated with other types of businesses.
Coconut oil is majorly produced in countries like India, Indonesia, and the Philippines. But in countries like Nigeria, the coconut oil market is still in its infancy but experiencing a steady growth.
There has been an exponential build-up in the demand for coconut oil in Nigeria since the year 2006, because of its widespread health benefits. This constant-growing demand has attracted a lot of Nigerian producers to quickly get involved in the sector, since great-sales potentials abound in its production.
According to a statista report, in 2015/16 the global export volume of coconut oil amounted to 3.32 million metric tons, while In 2017/18 the global production volume of coconut oil was forecasted to amount to about 3.44 million metric tons, whereas Nigeria alone was estimated to have produced approximately 246,000 metric tons of coconut oil in 2017 alone. This figure shows that the production in line with the demand for coconut oil has grown steadily over the years, with Nigeria experiencing leaps in the worldwide ranking of coconut oil producers.
The coconut oil production business is largely promoted as one of the most profitable small-scale production businesses any entrepreneur can venture into in Nigeria, since the producer doesn’t undergo the common risks and the high cost of production associated with other types of businesses.
Coconut oil is majorly produced in countries like India, Indonesia, and the Philippines. But in countries like Nigeria, the coconut oil market is still in its infancy but experiencing a steady growth.
There has been an exponential build-up in the demand for coconut oil in Nigeria since the year 2006, because of its widespread health benefits. This constant-growing demand has attracted a lot of Nigerian producers to quickly get involved in the sector, since great-sales potentials abound in its production.
According to a statista report, in 2015/16 the global export volume of coconut oil amounted to 3.32 million metric tons, while In 2017/18 the global production volume of coconut oil was forecasted to amount to about 3.44 million metric tons, whereas Nigeria alone was estimated to have produced approximately 246,000 metric tons of coconut oil in 2017 alone. This figure shows that the production in line with the demand for coconut oil has grown steadily over the years, with Nigeria experiencing leaps in the worldwide ranking of coconut oil producers.