PZ Wilmar, a joint venture of PZ and Wilmar international is set to invest $640 million to help revive the already diminishing palm oil industry in Nigeria.
The project which is self funded has delivered a 1,000 tons daily capacity refinery in Ikorodu, Lagos and is also poised to amass a 50,000 hectares of plantation said Christos Giannopoulos, Chief Executive Officer, PZ Cussons.
He stressed that the company’s desire to veer into palm oil production was orchestrated by the desire to fill the significant demand gap in Nigeria’s palm oil market which is currently filled by finished products smuggled into the country.
He lamented the country’s export of only seven percent of palm oil in comparison to its 82 percent export in the 60’s, a phenomenon he believes PZ Wilmar would address.
PZ Wilmar veers into palm oil market with $640 mn investment