Nigeria Spends $600m Annually on Palm Oil Importation
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 on Tuesday in Abuja.
He described the expenses as unhealthy for national development. Inyang said the samount could be saved and injected into the economy if the palm oil sub-sector was given due attention by successive governments.
The president said that Nigeria which was self sufficient in palm oil production in time past, now spends huge amount to import same product. Inyang said 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 are imported,”he said. Inyang said at the moment the country occupies fifth position in the league of palm oil producing countries after Indonesia, Malaysia,Thailand and Colombia.
According to him, Nigeria may lose the position to smaller countries who are investing heavily in the sector. He said 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. The president attributed the challenge to the negelect of the sector by successive governments.
Inyang said based on the U.S. Department of Agriculture, Nigeria currently occupy 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. Ghana’s Economy Grows by 4.7% in Q1-2024
