Ellah Lakes was born in 1980 and built one of the largest fish farms in the nation. Through the acquisition of Telluria Farms in May 2019, we are transforming into a vertically integrated Oil Palm Company. Over the next few years, we plan to become one of the leading Oil Palm producers in Nigeria.
Palm Oil is a tropical edible vegetable oil derived from both the pulp and kernel of the palm fruit, yielding Crude Palm Oil (CPO), and Palm Kernel Oil (PKO) respectively. Palm Oil is a super cash crop that is used in over half of all packaged products consumed globally. It is the world’s most productive and consumed vegetable edible oil and its application cuts across multiple products and industries including food, pharmaceuticals, chemicals, energy, and feedstock.
Oil Palm cultivation is vital to Nigeria
In the 1950s Nigeria was a world leader in Oil Palm cultivation. It controlled 43% of the global Oil Palm market, and the product accounted for about 15% of the country’s total exports. Today, Nigeria contributes a mere 1.4% of global Oil Palm production and imports about 390,000 MT annually to meet local demand. The deployment of high-quality seedlings, mechanized tools and professional farming practices will improve the local Oil Palm value chain. It will create enormous social and economic benefits in the form of employment opportunities, reduced pressure on foreign exchange reserves, and lower lead time for manufacturers that utilize Oil Palm derivatives.