Abstract
Nigeria’s first goal is to meet the domestic demand and then if possible, seek to become competitive export market in palm oil production. Nigeria is potentially competitive in the domestic market if oil palm sector productivity is increased by shifting the technology frontier further. Transformation of the oil palm industry would enhance the overall economic development through the income and employment effects in the rural and urban economies. This paper seeks to present the paradigm shifts and the new opportunities offered by foreign direct investment in Cross River state. The objectives of the paper are to: Review the Nigerian Economy in perspective Vis-a Vis the oil palm industry in relation to the Malaysian oil palm industry (policy Regimes), highlight the new opportunities in Cross River State and draw lessons from the Malaysian experiences. The paper recommended Fiscal discipline in managing the revenues generated from the sale of estates in the short-term, a strong and vibrant industrial policy on the foreign direct investment, and a vibrant export-led growth policy and tax regimes for revenue generation. Key words: Oil palm products, marketing, paradigm shift.
Highlights
The oil palm is a perennial crop that originated in the tropical rain forest of West Africa
Because of the increased demand for palm oil resulting from an increase in population and income growth, relative to the low productivity of the oil palm sector, Nigeria has become a net importer of palm oil
The findings of the working paper on Foundation for Partnership Initiatives in Niger Delta (PIND), 2011 states inter alia that very many products emanate from the oil palm trees – palm oils, palm wine, wood by-products, the focus of this research is on the oil products and their direct by-products
Summary
Nigeria-lessons to learn from Malaysia experience, opportunities and foreign direct investment in Cross River State. Nigeria’s first goal is to meet the domestic demand and if possible, seek to become competitive export market in palm oil production. Nigeria is potentially competitive in the domestic market if oil palm sector productivity is increased by shifting the technology frontier further. This paper seeks to present the paradigm shifts and the new opportunities offered by foreign direct investment in Cross River state. The objectives of the paper are to: Review the Nigerian Economy in perspective Vis-a Vis the oil palm industry in relation to the Malaysian oil palm industry (policy Regimes), highlight the new opportunities in Cross River State and draw lessons from the Malaysian experiences.
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