Nigeria spends $600m annually on palm oil importation

Date:

June 19, 2024.

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Azonuchechi Chukwu.

The National Palm Produce Association of Nigeria (NPPAN), says Nigeria spends 600 million dollars on palm oil importation annually.

Mr Alphonsus Inyang, National President of the association, stated this in an interview with NAN on Tuesday in Abuja.

He described the expenses as unhealthy for national development.

Inyang said the money could be saved and injected into the economy if the palm oil sub-sector was given due attention by successive governments.

The president regretted that Nigeria, which was self sufficient in palm oil production in time past, now spends huge amount to import same product.

Inyang recalled that in the 60s, Nigeria was number one in palm oil production and exportation globally, controlling over 60 per cent of world palm oil.

He said that the reverse was the case at the moment as over 50 per cent of what we consume is imported.

“At the moment, the country occupies fifth position in the league of palm oil producing countries after Indonesia, Malaysia, Thailand and Colombia.

“Nigeria may even lose the position to smaller countries who are investing heavily in the sector.

“Indonesia occupies the first position, producing 50 million metric tons, Malaysia second with 19 million metric tons, Thailand 3.28 million and Colombia 1.9 million metric tons,” he said.

The president attributed the challenge to the negelect of the sector by successive governments.

Inyang said that based on the U.S. Department of Agriculture, Nigeria currently occupies fifth position in the league of palm oil producing countries with 1.5 per cent or 1.4 million metric tons of the world’s total output.

“Nigeria was overthrown as the world’s largest palm oil producer and exporter by Malaysia and Indonesia in 1966.

“Currently, Nigeria is the largest consumer of the product in the continent, consuming approximately three million metric tons yearly.

“Domestic production stands at less than 1.4 million metric tons, leaving a deficit of over 1.6 million metric tones,’’ he said.

Inyang urged government, specifically the Federal Ministry of Agriculture and Food Security, to support NPPAN members with seedlings to develop 250,000 hectares per year.

“Our members can plant up to 250,000 hectares per year through the association’s National Oil Palm Strategy Development Plan; all we want are inputs.

“Government does not need to give and develop land for us, we need seedlings, fertilisers, logistics and implements to close this gab within four years.

“We will also create new millionaires in 28 states of the federation,” he said.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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