There are increased local efforts to enable Nigeria take advantage of Indonesia’s palm oil export ban, as competing countries swoop in and expand its market share.
Recently, Indonesian President Joko announced a total export ban on all palm oil, both crude and refined/processed, out of the country to tackle local price hikes. Palm oil prices could hit a record 8,100 ringgit ($1,938) a tonne following a plunge in global edible oil stocks and a decline in export surpluses, including the impact of war in Ukraine.
Already, the ban is sending soaring cooking oil prices even higher worldwide, exacerbating global food security fears amid adverse weather and the war in Ukraine…
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