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:

  1. 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.

  1. 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.
  2. A hectare of oil palm accommodates 150 plant populations by standard spacing of between 2 to 9.00 triangular spacing.
  3. 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.
  4. 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.
  5. According to FAO forecasts, by 2020 the global demand for palm oil will double, and triple by 2050.