CBN: Nigeria Spends $500m Annually on Palm Oil Importation - THISDAYLIVE via thisdaylive
The Governor, Central Bank of Nigeria Mr Godwin Emefiele, on Monday said that over five hundred million dollars was being spent annually on importation of palm oil.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.
“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. To this end, Emefiele said that all the state governors in South-South and South-East, Nigeria had agreed to provide at least 100,000 hectares each for large scale oil palm farming.
“We will also work to encourage viable off taker agreements between farmers and large-scale palm producing companies. ” Soon every region of our beloved country will feel the positive impact of our intervention in the agricultural sector.
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