Nigeria spends $500m annually on palm oil importation – CBN vanguardngr.com vanguardnews
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.Emefiele said that 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.
“This indicates that Nigeria still expends close to 500 million dollars on oil palm importation annually and we are determined to change this narrative. “As part of our Anchor Borrowers Program and Commercial Agriculture Credit Scheme , the CBN will work with large corporate stakeholders and small holder farmers to ensure availability of quality seeds for this year’s planting season.
The CBN governor reiterated that the restrictions earlier placed on the importation of textiles and other ready-made clothing was for the good of the economy. “As these measures begin to bear fruits, we are very optimistic that our states will become more economically viable,” he said.
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