Palm Oil Economic Benefits to West Africa
21
VIEWS
by Nor Iskahar Nordin
Palm oil is one of the most-traded commodities in the global economy and tropical countries around the world are working to meet the growing demand. Palm oil provides developing nations and the poor a path out of poverty. Expanding efficient and sustainable agriculture such as palm oil plantations provides small and large plantation owners and their workers with a means to improve their standard of living. The palm oil industry has the potential to generate significant economic and social development in West Africa. It provides a means of income and economic development to a large number Africa’s rural poor. The objective of this paper is to provide information on how palm oil industries benefited West African countries in term of GDP contribution and broader economic contribution. To put it under perspective, comparison is made with other palm oil producing nations. West African palm oil industry is expected to continue its rapid growth in the medium and long term. Limiting factors, challenges and growth potential are also highlighted.
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