The CBN Governor regrets that the country is still importing palm oil in spite sufficient arable land.
The Governor, Central Bank of Nigeria 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.
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. “We intend to support improved production of palm oil to meet not only the domestic needs of the market, but to also increase our exports in order to improve our forex earnings,” he said.
“We will also ensure the availability of agro-chemicals in order to enable improved cultivation of palm oil. He said in due course, the CBN would introduce polices to address challenges in the cocoa, cassava, beef/cattle ranching, dairy and fish sectors.
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