The Governor, Central Bank of Nigeria (CBN) Godwin Emefiele on Monday said that over five hundred million dollars was being spent annually on importation of palm oil.

Mr Emefiele said this at a stakeholders’ meeting on the Palm Oil Value Chain held in Abuja.

The meeting was attended by the Governors of Akwa Ibom, Edo and Abia.

Also, the managers of Dangote Farms, Flour mills, United Food Industries and Dufil Frima Foods Plc, among others were at the meeting.

Mr Emefiele said it was a sad fact that the country was still importing palm oil in spite sufficient arable land in the South-South and South-East regions of the country to farm it.

He recalled that in the late 50’s and 60’s, Nigeria was not only the world’s leading producer of palm oil, but it was also the largest exporter of palm oil, accounting for close to 40 per cent of the global market share.

He said 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.

“This conversation is indeed important as it forms part of our overall strategy to reduce our reliance on crude oil imports, diversify the productive base of our economy, create jobs and conserve our foreign exchange.

“Despite placing oil palm in the forex exclusion list, official figures indicate that importation of palm oil had declined by about 40 per cent from the peak of 506,000 Metric Tonnes (MTs) in 2014 to 302,000 MTs in 2017.

“This indicates that Nigeria still expends close to 500 million dollars on oil palm importation annually and we are determined to change this narrative.

https://www.premiumtimesng.com/business/business-news/320874-nigeria-spends-500-million-annually-on-palm-oil-importation-cbn.html

It is so hilarious and pitiful at the same time. Who are the people crying foul? Who are the people that can afford to buy imported palm oil? An average Nigerian won't even think of buying imported palm oil when he has so many local palm oil at his beckon. It is still Emefiele and his cohort that patronizes imported ones. So, what is the drama all about? Sick country!

oldtruth:
The Governor, Central Bank of Nigeria (CBN) Godwin Emefiele on Monday said that over five hundred million dollars was being spent annually on importation of palm oil.

Mr Emefiele said this at a stakeholders’ meeting on the Palm Oil Value Chain held in Abuja.

The meeting was attended by the Governors of Akwa Ibom, Edo and Abia.

Also, the managers of Dangote Farms, Flour mills, United Food Industries and Dufil Frima Foods Plc, among others were at the meeting.

Mr Emefiele said it was a sad fact that the country was still importing palm oil in spite sufficient arable land in the South-South and South-East regions of the country to farm it.

He recalled that in the late 50’s and 60’s, Nigeria was not only the world’s leading producer of palm oil, but it was also the largest exporter of palm oil, accounting for close to 40 per cent of the global market share.

He said 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.

“This conversation is indeed important as it forms part of our overall strategy to reduce our reliance on crude oil imports, diversify the productive base of our economy, create jobs and conserve our foreign exchange.

“Despite placing oil palm in the forex exclusion list, official figures indicate that importation of palm oil had declined by about 40 per cent from the peak of 506,000 Metric Tonnes (MTs) in 2014 to 302,000 MTs in 2017.

“This indicates that Nigeria still expends close to 500 million dollars on oil palm importation annually and we are determined to change this narrative.

https://www.premiumtimesng.com/business/business-news/320874-nigeria-spends-500-million-annually-on-palm-oil-importation-cbn.html

I concur

Abi this guy wanted to say exportation how can Nigeria be importing palm oil again naa This country is a mistake.

So we import palm oil? and palm oil plenty for South South and South East.

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@Mynd44

You closed this thread

https://www.nairaland.com/5111467/fg-feeds-pupils-594-cattle#77185228

quoting this

https://www.nairaland.com/5111374/nigeria-spends-500-million-annually

I am yet to see how the two posts relate that warrants the closure.

@Mynd44,

I just noticed u edited ur earlier post/quoted link concerning the above which made u close the thread.
I think it would have bn more honourable to admit u made a mistake in that ur earlier quote instead of stealthily editing ur post thereby making anyone referring to the post sees it as if I am the one wrong in my reference.

There is no harm in admitting one's mistake.