Nigeria Spends $500m Yearly Importing Palm Oil, Agric Ministry Says
Officers from the Federal Ministry of Agriculture and Rural Growth, states, companies and non-governmental organisations on Thursday stated Nigeria was spending about $500m yearly on oil palm imports.
On the nationwide workshop on oil palm organised in Abuja by Solidaridad, a world NGO, senior authorities officers and different stakeholders agreed to accomplice to scale back the continued import of the commodity.
Talking on the sidelines of the workshop, the Deputy Director, Federal Division of Agriculture, FMARD, Bernard Okata, stated, “The partnership is to maneuver the oil palm sector ahead.
“Our present native requirement for oil usually is about three million metric tonnes, however we’re producing about 1.02 metric tonnes of oil palm.
“So there’s a hole. We import to make up for this hole, and Nigeria is spending about $500m yearly for this importation up until now.”
In line with a report by Punch, Okata defined that the quantity of oil and fats that Nigeria requires was about three million metric tonnes, however it had been difficult to fulfill this demand.
He stated, “We’ve got oils from groundnut, soybean and all that. However from oil palm alone, we’re producing 1.02 million MT, whereas from different oils we produce 1.7 million MT and so the shortfall is about 350,000MT.
“So the importance of this partnership is to make sure that the overseas trade is channelled to the event of different actions if we will develop our oil palm manufacturing to fulfill our native industries.”
On his half, the Senior Local weather Specialist for Africa at Solidaridad, who doubles as Nation Technical Lead, Nigeria, Sam Ogala, said that Nigeria was not assembly its home demand for oil palm.
“This nation is spending round $500m yearly to import oil palm. That exhibits you the massive hole, and it’s as a result of we’re not assembly native demand,” he stated. He added, “Within the early Sixties earlier than the oil increase, Nigeria was exporting oil palm, however after that oil increase, we began importing, and all types of oil palm are discovering their method to the Nigerian market.”