Palm oil which is a product of oil palm is a very important domestic and industrial product that has variety of uses. The Nigerian economy in the 1950s till middle 1960s prior to the discovery of crude oil in 1957 was the largest producer of oil palm in the world. The discovery of oil shifted the emphasis of the economy from agriculture to crude oil exploitation. There is an increasing agitation for the diversification of the economy and specifically, the rejuvenation of the oil palm sector. The revitalization of the oil palm sector has the capacity of fast tracking the economic development of the country owing to the various products of the palm and the multiple uses of the products. The research adopted a “desktop research” approach and made evaluation of existing situations. Documents on oil palm production in Nigeria, media and agencies reports on oil palm business in Nigeria were used as primary sources of information. The article concluded with discussions on the way forward to rejuvenate the oil palm sector in Nigeria.