Agriculture: Favourable outlook; supportive fundamentals

Positive outlook for the Nigerian palm oil industry

We initiate coverage on Okomu Oil and Presco, the two largest commercial operators in the Nigerian palm oil sector. After decades of neglect, the agriculture sector as a whole is recovering strongly, thanks in part to supportive government reforms. Both companies are expanding their plantation area aggressively; by 2020, we expect their combined land area to have more than doubled from around 39,000 hectares (ha) in 2012.

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