Palm Oil: Cbn Says Nigeria Spends $500m Annually On Importation Of Product - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 4
March 19, 2019
The Governor, CentralBank of Nigeria, CBN Godwin Emefiele has said that over five hundred milliondollars was being spent annually on importation of palm oil.
Emefiele said this ata stakeholders’ meeting on the Palm Oil Value Chain held in Abuja.
The meeting wasattended by the Governors of Akwa-Ibom, Edo, Abia and the managers of someagricultural firms.
Emefiele said that itwas a sad fact that the country was still importing palm oil in spitesufficient arable land in the South-South and South-East regions of the countryto farm it.
He recalled that inthe late 50’s and 60’s, Nigeria was not only the world’s leading producer ofpalm oil, but it was also the largest exporter of palm oil, accounting forclose to 40 per cent of the global market share.
He said that right now, Malaysia and Indonesia were the top producers of palm oil and Nigeria the fifth, after getting their seeds and learning how to cultivate oil palm from Nigeria.