Nigeria spends $600M importing palm oil annually

The National Palm Produce Association of Nigeria (NPPAN) says Nigeria spends $600 million on palm oil importation annually. Alphonsus Inyang, the national president of the association, stated this in an interview with NAN yesterday 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 the past, now spends a huge amount to import the 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 percent of what we consume is imported. “At the moment, the country occupies the fifth position in the league of palm oil-producing countries after Indonesia, Malaysia, ...