Evaluating The Palm Oil Industry in Nigeria.
Publication Date: 18/07/2024
Author(s): Favour Onojieruo.
Volume/Issue: Volume 7 , Issue 3 (2024)
Abstract:
Prior to the oil boom, Agriculture accounted for over 60% of Nigeria’s GDP. However, the oil boom of the 1970s brought about declining interest in agriculture by the Nigeria Government. This impact is particularly noticeable in the Palm oil subsector where Nigeria which was largest producer of palm oil in the world in the 1960s, accounting for 43%, today accounts for just 2% of Global output and has become a major importer of palm oil. In recent years, Nigeria Government has sought to wean itself of it’s over reliance on Oil, by encouraging diversification of the economy. This article aims to draw the reader’s attention to the great prospects available in the agricultural sector, particularly in Palm oil production. This article explores the Isenberg model and opportunities for success, Barriers of entrepreneurship in Nigeria, Entrepreneurial characteristics, and local Entrepreneurial role model.
Keywords:
Palm oil, Agriculture, Nigeria, GDP.
