As of 2023, the New Britain Palm Oil Limited (NBPOL) significantly contributes to Papua New Guinea's economy, with estimates suggesting that the palm oil sector constitutes about 3% of the nation's GDP. NBPOL, one of the largest producers of palm oil in the country, operates extensive plantations that not only provide jobs but also stimulate local economies through supply chains and infrastructure development (World Bank, 2022). Additionally, palm oil exports are crucial for foreign exchange earnings, enhancing the nation’s trade balance (PNG National Statistics Office, 2022). In 2021 alone, NBPOL reported revenues exceeding PGK 1.2 billion (approximately USD 340 million) from palm oil production, demonstrating the sector’s vital role in sustaining economic growth (NBPOL Annual Report, 2021).
References:
- World Bank. (2022). Papua New Guinea Economic Update. Retrieved from https://www.worldbank.org/en/country/png/publication/economic-update.
- PNG National Statistics Office. (2022). Economic Indicators. Retrieved from http://www.nso.gov.pg.
- NBPOL Annual Report. (2021). Retrieved from http://www.newbritainpalmoil.com.
Graphical Illustration:
Unfortunately, I cannot create visual graphics directly. However, you can visualize this data by creating a bar chart that could represent (1) the GDP contribution of palm oil to PNG's GDP (3%), (2) NBPOL revenue, and (3) employment statistics within the palm oil sector. Software like Excel or online tools like Canva could be helpful in making this graphical representation.