THE HISTORY
Africa is home to some of the world’s most precious resources, from human to minerals and proverbs.
There is an adage that says “As far as the Palm tree is concern nothing is wasted”
Amongst the many products that can be derived from the Palm tree, Palm oil is the most used product. It is used to produce over 50% of goods found in shelves of supermarkets globally. The palm oil business provides a path to poverty alleviation and economic prosperity as has been proven by the top palm economies like Indonesia and Malaysia.
Palm oil is a vegetable oil high in saturated fat. It comes from the fruit of the palm tree Elaeis guineensis. This tree originated in West Africa but has since spread to other tropical areas including Southeast Asia.
Due to its super-functionality, palm oil is in high demand globally. It’s used in:
• foods
• detergents
• cosmetic products
• biofuel
In the 1950s and 1960s, oil palm farming was a key sector of the Nigerian economy. The sector generated about 43 per cent of the world’s total vegetable oil production. Nigeria was considered the leader in the world palm oil market.
However, in the past decades, the country has become a net importer of palm oil due to the negligence of the sector. Today, Nigeria produces only less than two per cent of global output. Data shows that the sector’s decline began amidst the crude oil boom of the 1970s, which led to a neglect of the palm oil industry.
With a population of over 197 million people, Nigeria consumes roughly 3 million metric tonnes (MT) of fats and oils annually with palm oil accounting for approximately 80 per cent of total consumption in 2018. The domestic demand for palm oil outstrips local production capacity which was formally met through importation. With the ban on the importation of palm oil in 2015, there has been a demand gap of about 0.59MT demand locally.
Due to the demand gap, palm oil adulteration has become more acute; particularly in the mass markets. According to a report by NAFDAC 4 in 5 bottles of palm oil sourced from the unregulated mass market is adulterated with Sudan IV dye a known cancerous substance. This has exposed over 70% of the 42m households in Nigeria (NBS, 2020) who shop for food items from the mass markets to diverse food-related illnesses such as cancer, food poisoning, heart diseases etc.
THE INSPIRATION
Inspired by the loss of his dad to cancer, Ikechukwu Kingsley embarked on a mission to solve this problem by providing a healthier, traceable and affordable palm oil for the cooking needs of Nigerians.
With this mission in mind, Ikechukwu Kingsley set up his company to address this challenge and like every growing business he had his teething problems.
THE DETERMINATION
But as the saying goes, where there is a will there is a way. Like every determined visionary leader, he believed that there's always light at the end of the tunnel.
With this heart-warming milestone, he set out to improve production capacity by installing a modern integrated palm oil mill, and just after installation another challenge!
THE IMPACT FOCUS
Regardless of these challenges, he is not just laser-focused on the Vision, but also extending the company’s social impact by providing milling services, access to finance and wholesale markets to the micro millers and smallholder farmers whilst creating employment opportunities across the value chain.
PURPOSE BEYOND PROFITS
As a firm believer that we exist not just for ourselves, but for a mission far greater than our personal aspirations, Ikechukwu still finds joy doing what he loves regardless of the ups and downs in his line of business.
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26 авг 2024
