Evaluating the Palm Oil Industry in Nigeria

Abstract

Prior to the oil boom, Agriculture accounted for over 60% of Nigeria’s GDP. However, the oil boom of the 1970s brought about declining interest in agriculture by the Nigerian Government. This impact is particularly noticeable in the palm oil sub sector where Nigeria, which was the largest producer of palm oil in the world in the 1960s, accounting for 43%, today accounts for just 2% of global output and has become a major importer of palm oil. In recent years, the Nigerian government has sought to wean itself of its over reliance on oil by encouraging diversification of the economy. This article aims to draw the reader’s attention to the great prospects available in the agricultural sector, particularly in palm oil production. This article explores the Isenberg model and opportunities for success, barriers of entrepreneurship in Nigeria, entrepreneurial characteristics, and local entrepreneurial role models.