Oil Palm
FeaturedHighlight

Nigeria loses $10bn in oil palm revenue year, Emefiele says

523

If Nigeria had kept pace with its peers in supporting improved cultivation of palm oil in the last 25 years, the country could have made as much as $10 billion in yearly revenue, governor of central bank, Godwin Emefiele disclosed today in Abuja.

 

The CBN governor, who disclosed this was speaking at a Stakeholders Meeting on the Palm Oil Value Chain, held at the apex bank headquarters on Monday, and added that “Nigeria could have generated close to $10bn worth of foreign exchange for the country,” if it had not become a net importer of palm oil, importing between 400,000 – 600,000 MT of palm oil in order to meet local demand for this commodity.

 

Despite the fact that Nigeria has 3 million hectares of farmland for palm oil cultivation, it currently spends an annual $500 million on palm oil imports due to low production close to 2 tonnes per hectare, relative to a global benchmark of 25 tonnes per hectare.

 

To improve Nigeria’s domestic production and future foreign exchange earnings, the bank said it will roll out a funding model that will take into consideration the three to four-year gestation period required in cultivating palm oil.

 

“As part of our Anchor Borrowers Program (ABP) and our Commercial Agriculture Credit Scheme (CACS), the CBN will work with large corporate stakeholders and small holder farmers to ensure availability of quality seeds for this year’s planting season and agro-chemicals in order to enable improved cultivation of palm oil.

 

“We will also work to encourage viable off taker agreements between farmers and large-scale palm producing companies. Loans will be granted through our ABP and CACS programs at no more than 9% per annum to identified core borrowers. Some of the targeted large scale farmers are in our midst today and we shall use the opportunity of this engagement to achieve concrete results,” Emefiele said.

 

There are no details yet on when the funding model will be developed or when it would be accessible to farmers.

Leave a comment

Related Articles

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...

Southwest Governors Move to Establish Joint Security Outfit to Counter Rising Banditry, Insurgency Threats

Amid rising concerns over the renewed spate of banditry and insurgency in...

Abiodun’s Investment Drive: Ogun to host West Africa’s largest cotton and apparel industry, targets 40,000 jobs

The biggest cotton and apparel industry in West Africa, with a capacity...

Fire ravages 7-Storey Lagos building, leaving trail of destruction

A devastating fire swept through a seven-storey commercial building located in the...

FCT Police, Military Join Forces to Neutralize Deadly Abuja Armed Robbery Gangs

A collaborative effort between the FCT Police Command, military personnel, and local...