‘Nigeria spends $600m annually on palm oil importation’

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The National Palm Produce Association of Nigeria (NPPAN) has revealed that Nigeria spends $600 million annually on  palm oil oil importation.

This was stated by Mr Alphonsus Inyang, the National President of the association, in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

Inyang criticised these expenses as detrimental to national development, suggesting that the funds could be better utilised within the economy if the  palm oil oil sub-sector received adequate attention from successive governments

He highlighted Nigeria’s historical self-sufficiency in palm oil production, contrasting it with the current situation where a substantial portion of the country’s palm oil is imported.

“In the 60s, Nigeria was the leading global producer and exporter of  palm oil oil, controlling over 60 per cent of the world’s supply,” Inyang said.

“Now, more than 50 per cent of our consumption is met through imports.” Currently, Nigeria ranks fifth among  palm oil-producing countries, trailing Indonesia, Malaysia, Thailand, and Colombia.

Inyang warned that Nigeria might lose this position to smaller countries investing heavily in the sector.

According to the U.S. Department of Agriculture, Nigeria produces 1.4 million metric tons of  palm oil oil annually, accounting for 1.5 per cent of the world’s total output.

This production level is significantly lower than the leading producers: Indonesia at 50 million metric tons, Malaysia at 19 million metric tons, Thailand at 3.28 million metric tons, and Colombia at 1.9 million metric tons.

SOURCE

WEEKLY AGRICULTURE DIGITS,NIGERIA

 

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