Description
Castor (Ricinus communis L.) is cultivated around the world because of the commercial importance of its oil. Castor oil, produced from castor beans, has long been considered to be of important commercial value primarily for the manufacturing of soaps, lubricants, and coatings, among others.
Castor oil has long been used commercially as a highly renewable resource for the chemical industry. It is a vegetable oil obtained by pressing the seeds of the castor oil plant (Ricinus communis L.) that is mainly cultivated in Africa, South America, and India. Major castor oil-producing countries include Brazil, China, and India.
This oil is known to have been domesticated in Eastern Africa and was introduced to China from India approximately 1,400 years ago. India is a net exporter of castor oil, accounting for over 90% of castor oil exports, while the United States, European Union, and China are the major importers, accounting for 84% of imported castor oil.
Castor is one of the oldest cultivated crops; however, it contributes to only 0.15% of the vegetable oil produced in the world. The oil produced from this crop is considered to be of importance to the global specialty chemical industry because it is the only commercial source of a hydroxylated fatty acid.
Even though castor oil accounts for only 0.15% of the world production of vegetable oils, worldwide consumption of this commodity has increased more than 50% during the past 25 years, rising from approximately 400,000 tons in 1985 to 610,000 tons in 2010. On average, worldwide consumption of castor oil increased at a rate of 7.32 thousand tons per year.
In general, the current rate of castor oil production is not considered sufficient to meet the anticipated increase in demand.
Nigeria imports over N30 billion worth of castor oil every year despite having arable and fertile land, and climatic conditions suitable for its farming.
This report examines the financial viability of establishing a castor oil processing plant in Nigeria.
The production capacity of the proposed plant is four (4) tons per day and would operate a double shift of eight (8) hours each at 80% of installed capacity for three hundred (300) working day producing about one hundred and sixty (160) tons of castor oil bi-monthly.
