Nigeria Looks To Revive Ailing Palm Oil Sector - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
October 5, 2021
His farm is one of the small plantations scattered across southern Nigeria where the government is investing heavily in the industry as part of its drive to diversify away from petroleum and help create jobs.
Once a major producer, Nigeria now imports from Indonesia and Malaysia, further straining foreign exchange reserves already battered by a fall in global crude oil prices and the pandemic.
But the story appears to be changing as Nigeria’s government, through the central bank (CBN), is pumping billions of naira in loans to assist farmers and investors in the industry.
Several states, including southern Edo and Akwa Ibom, where roads are lined by hectares of dark green palm trees and moribund factories, are injecting new life into the sector.
Across the globe, the palm oil industry has faced heavy criticism for deforestation, loss of community land and claims of worker abuses on Southeast Asian plantations.
But the oil, which is used in cooking, foods and cosmetics products, is a major industry in Indonesia and Malaysia, and Africa has also seen growth in recent years.
With an agriculture credit scheme and other programmes, Nigeria is supporting operators to buy quality and up-to-date seedlings and set up new plantations and mills.