According to figures cited by Reftop AgroField Limited, Nigeria spent ₦23 billion importing palm oil in the first quarter of 2026, highlighting the potential cost of relying on foreign supplies while local production remains a focus for investors.

David Assogba, Group Chief Executive Officer of Reftop Homes Limited, said the palm oil industry had not received the level of attention it deserved, despite the crop’s historical and economic importance to West Africa. He argued that changing perceptions of farming would be necessary to encourage wider participation in the sector.

“Every Nigerian should consider going back to farming because farm is the next oil,” Assogba said.

He observed that farming is often viewed as an occupation for people with limited educational or economic opportunities, a perception he believes discourages investment. According to him, agriculture offers opportunities for wealth creation as countries seek to improve food production and reduce reliance on imported commodities.

One model attracting interest is agro-real estate, which combines agricultural land ownership with organised farm development and professional management.

Emmanuel Oluwatosin, Chief Operating Officer of Reftop Homes Limited, said the company’s PalmCrest initiative had allocated 2,700 acres of land to subscribers across its first two phases. He added that plantation development was also underway.

PalmCrest is marketed by Reftop Homes Limited, while Reftop AgroField Limited oversees its agricultural operations. The initiative allows subscribers to own designated farmland while the company manages plantation development and farming activities.

However, the long-term impact of such projects on Nigeria’s palm oil supply will depend on factors including plantation maturity, crop yields, effective farm management and access to processing facilities. Land allocation alone does not guarantee increased production or a reduction in imports.

Assogba also urged the government to strengthen support for farmers through improved access to fertilisers, mechanised equipment and better security in farming communities.

Nigeria’s drive to expand domestic palm oil production will require more than attracting investors. It will also depend on developing productive plantations, improving processing capacity and providing farmers with the infrastructure and support needed to sustain output.

Private-sector initiatives could contribute to these efforts, but their success will ultimately be measured by the quantity of palm oil produced, processed and supplied to the Nigerian market.

Reporting by TalkNaijaMedia