Malaysia Nigeria palm oil trade hits $600 million in 2024, strengthening agricultural ties and boosting foreign investment prospects in Nigeria

Malaysia Nigeria palm oil trade has recorded a significant milestone, reaching $600 million in exports for 2024, according to the Malaysian High Commissioner to Nigeria, Aiyub Omar.

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Speaking in Abuja on Sunday, Omar revealed that nearly half of Malaysia’s exports to Nigeria consist of palm oil, marking a deepening of commercial and agricultural relations between the two countries.

The High Commissioner stated that the growing trade volume reflected a shared commitment to boosting agricultural collaboration. He explained that the surge in palm oil exports has attracted increased attention from international investors eager to explore Nigeria’s untapped agricultural potential.

During a recent visit to Calabar in May 2025, Omar engaged with members of the Malaysian community in Nigeria, many of whom are active in the palm oil sector.

“There are around 50 Malaysians currently residing and working in Nigeria, with a significant concentration in Lagos and a growing presence in Calabar,” he said.

The Malaysian nationals, he noted, are largely professionals focused on agribusiness. Their expertise plays a key role in the cultivation and management of palm oil plantations across Nigeria.

These efforts, according to Omar, contribute directly to the productivity and sustainability of the sector.

Omar highlighted the role of the Malaysian High Commission in facilitating not just trade but also foreign investment in Nigeria’s agricultural landscape.

He described palm oil as a strategic commodity with the capacity to support economic diversification and job creation in both countries.

He added, “With the increasing global demand for palm oil, there are vast opportunities for diversification and investment, which can be of benefit to Malaysia and Nigeria.”

The continued collaboration is seen as a foundation for a broader trade and development partnership, particularly as Nigeria seeks to revitalise its agricultural exports.

Observers believe that Malaysia’s success in palm oil cultivation could serve as a model for Nigeria to emulate as it works to expand its non-oil economy.

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With sustained investment and technical cooperation, the palm oil trade between both nations is expected to grow further, supporting rural livelihoods and fostering greater bilateral engagement in years to come.