Nigeria to save $600m yearly from local palm oil production, says NPPAN

The National Palm Produce Association of Nigeria has revealed that the country could save $600m annually by investing in palm oil production. According to the President of NPPAN, Alphonsus Inyang, Nigeria’s current reliance on palm oil imports has created a substantial financial drain that could otherwise be mitigated by revitalising the domestic palm oil sector, the News Agency of Nigeria reports. “Nigeria spends $600m on palm oil importation annually. The money could be saved and injected into the economy if the palm oil sub-sector was given due attention by successive governments,” he said. Historically, Nigeria was a dominant force in palm oil production, leading the global market in the 1960s with over 60 per cent of the world’s palm oil. He stated that due to neglect and lack of strategic investment in the sector by successive governments, Nigeria’s production capacity had dwindled, adding that the country ranked fifth globally in palm oil production, lagging behind ...