Coconut is grown in 22 states of the country, with Lagos State being the largest producer. The country produces 250,000 tonnes annually and is No. 18 in the world. Its yield and rank make it a fringe and sub-optimal producer. The drive for economic diversification is likely to see greater emphasis on coconut production.
Oil prices have remained above $63pb this year, slightly below the average for March ($64.85pb). The relatively high oil price is buoying Nigeria’s export revenue.