Oil Palm; (Elaisis Guineasis) is a tropical tree crop which is mainly grown for its industrial production of vegetable oil. It is a typical estate crop, grown and harvested over large uniform areas (5000-10,000) ha (hectares) around a central oil mill to allow rapid industrial handling.
SOME NOTABLE FACTS ABOUT OIL PALM:
- It is the only tree crop in the world that produces two different oil from single fruit:
– Palm oil from fresh fruit and
– Kernel Oil from the dried palm kernel.
Both of these oil are highly sorted for, because of the dual benefits for both domestic and industrial purpose.
- A well managed one hectare of oil palm plantation can yield 14 tons of fresh fruit bunches (FFB) and when milled under 18% extraction rate, can produce 5 tons of Special Palm Oil (SPO). A hectare of same produces 5 ton of Palm Kernel.
- A hectare of oil palm accommodates 150 plant populations by standard spacing of between 2 to 9.00 triangular spacing.
- A hectare can produce 5 tons, (5000 liters) of Special or crude palm oil, (SPO) a liter of palm oil at farm gate, costs N650: 00 (six hundred and fifty naira only). This can be translated to mean N650 (5000 liters) = N3, 250,000. (Three million two hundred and fifty thousand naira), per hectare, per annum.
- In 2012, the annual revenue received by Indonesia and Malaysia together, the top producers of palm oil, was $40 billion. Between 1962 and 1982 global export of palm oil increased from around half a million to 4 million tonnes annually and in 2008 world production of palm oil and kernel oil amounted to 48 million tonnes.
- According to FAO forecasts, by 2020 the global demand for palm oil will double, and triple by 2050.