(Ecofin Agency) - The Zambian government plans to make the country a major palm oil exporter, Xinhua reports.
According to a government statement, there is a huge potential for oil palm that remains to be exploited in the Southern African Development Community (SADC), especially in DR Congo and Angola which are massive importers of the commodity.
Moreover, the government said the country could collect more than $170 million in revenue over the next decade from the export of the most consumed oil in the world.
For the record, Zambia’s first palm nuts crushing plant was set in 2015 by the food processor Zambeef, with a capacity estimated at 2 to 3 tons of nuts per hour. Currently, the company has 2,873 hectares of palm plantations in the North side.
Let’s remind that Zambia consumes nearly 120,000 tons of cooking oil per year and spends about $70 million per year to import edible oil from East Africa, South Africa and the Far East.