A Nigerian agribusiness initiative has set a target of producing 75,000 metric tonnes of palm oil annually by 2031, as investors seek to increase domestic output and narrow the country’s palm oil supply gap.
The PalmCrest initiative, launched by Reftop Homes Limited, is designed to combine land ownership with commercial oil palm cultivation and farm management.
Company executives said Nigeria currently produces approximately 1.5 million metric tonnes of palm oil annually. They projected that the planned output from PalmCrest could add around five per cent to the country’s existing production, although the target remains a company ambition rather than achieved output.
The company reported that it had allocated 2,700 acres of farmland to subscribers between April and September 2026 and sold 5,080 acres across its first two phases to approximately 2,100 subscribers. It also said that 1,200 acres had been planted in Phase One and 1,500 acres in Phase Two.
The initiative plans to establish a refinery to process palm oil into cooking oil and palm kernel oil. Company management said financing institutions had expressed interest in the project.
The investment highlights opportunities in oil palm cultivation, processing and value addition. For Nigeria, expanding domestic production could support jobs, rural incomes and local processing, provided the project achieves its planting, financing and production targets.
