The Plantation Owners Forum of Nigeria (POFON) has pledged to maintain stable palm oil prices throughout the year, aiming to make the product more affordable for all Nigerians, regardless of income level.

This commitment was announced by POFON Chairman, Emmanuel Ibru, following a recent meeting in Benin City. Ibru, who also leads Aden River Estates Limited, explained that palm oil prices typically drop during the harvest season and rise in the lean period due to supply fluctuations. However, the forum’s members are working to minimise these seasonal price swings.

He stated that, much like the federal government’s efforts to steady the economy, POFON is committed to ensuring palm oil prices do not spike unexpectedly. Despite the rising cost of production, Ibru said the forum is focused on keeping prices reasonable for consumers.

To help bridge the gap between demand and supply, POFON members are also expanding their plantations and investing in production. Ibru revealed that palm oil output in Nigeria has grown from around 900,000 to 1.5 million tonnes annually in recent years, thanks to increased efforts by major producers like Presco and Okomu, along with newer players such as Dufil and Saro Africa.

While acknowledging that the supply gap still exists, Ibru said the forum is working with government agencies to create a sustainable growth plan for the sector. This includes support for both large-scale and small-to-medium-scale producers.

He added that Nigeria remains Africa’s top palm oil producer and ranks fifth globally but must expand its plantation area to at least 500,000 hectares to fully meet local demand and boost efficiency.