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Prof. Kehinde Owolarafe of the Department of Agriculture and Environmental Engineering at Obafemi Awolowo University , Ile-Ife, revealed on Tuesday that Nigeria suffers a staggering annual loss of N94 billion due to palm oil importation.
According to Prof. Owolarafe, Nigeria was once the leading producer and exporter of palm oil globally between 1920 and 1960. However, he lamented that Indonesia and Malaysia have now surpassed Nigeria in palm oil production, with Nigeria currently importing about one million metric tonnes of palm oil annually to meet local demand.
The professor outlined various factors contributing to Nigeria's low palm oil production, including aging oil palm plantations, lack of appropriate processing technologies, and unfavorable government policies. In his remarks, Dr. Ifeanyi Okeke, the Director-General of SON, stated that the objective of the workshop was to raise awareness among stakeholders, including producers, distributors, marketers, retailers, and users, about the importance of adhering to industrial standards.
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