Amid trade restriction and influx of adulterated produce, importers have ordered 670,000 tonnes of crude palm oil valued at N230.09 billion ($484.4 million) from Thailand, Malaysia and Indonesia to meet manufacturers’ demand.
Findings revealed that the global price of the commodity went up from $580 in 2020 to $723 (N343, 425). However, at the local market, while a tonne is sold for N1.04 million, foreign palm oil goes for N343,425 per tonne, which is 67 per cent cheaper than the local produce…
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