Connect with us
X
Categories:

Business

Annual Spending On Palm Oil Importation by Nigeria Hits $500m

All Naija Entertainment

Published

on

Palm Oil

Nigeria spends approximately $500 million annually importing palm oil as local production capacity remained well below users’ demand, industry watchers and staff of the ministry of agriculture said on Thursday.

Download & Install The New ANE Android App To Your Device
Hello!! Have you heard about the deadly virus called Coronavirus? No? See What It Is & How To Prevent It Here. Also Stay Connected & Get Latest Updates On Coronavirus Here. Please be safe! We LOVE You.


At a national symposium on oil palm organised by Solidaridad, an international non-governmental organization held in Abuja, governmental officials and stakeholders agreed to reverse the trend by stepping up palm oil processing to boost self-sufficiency.

A director in the ministry, Bernard Okata, who attended the workshop said: “Our current local requirement for oil generally is about three million metric tonnes but we are producing about 1.02 million metric tonnes of oil palm.

“So there is a gap. We import to make up for this gap and Nigeria is spending about $500 million annually for this importation up till now.”

Nigeria, world’s fifth biggest producer of palm oil, one percent share of global production is well below Indonesia and Malaysia, who account for 58 percent and 26 percent share of global production respectively.

The country’s supply gap currently lies at 66 percent, creating opportunities for exporters and foreign markets and pressuring manufacturers to source internationally to bridge the shortfall at higher costs.

Okata said Nigeria’s oil and fat needs were around three million metric tonnes.

Palm Oil

“We have oils from groundout, soybean and all that. But from oil palm alone, we are producing 1.02 million MT, while from other oils we produce 1.7 million MT and so the shortfall is about 350,000MT.

“So the significance of this partnership is to ensure that the foreign exchange is channelled to the development of other activities if we can expand our oil palm production to satisfy our local industries,” the director said.

The senior climate specialist for Africa at Solidaridad, Sam Ogala, said Nigeria was spending around half a billion dollars on palm oil imports because it did not prioritise local demand.

“This country is spending around $500m annually to import oil palm. That shows you the huge gap and it’s because we are not meeting local demand.”

“In the early 1960s before the oil boom, Nigeria was exporting oil palm, but after that oil boom, we started importing and all forms of oil palm are finding their way to the Nigerian market,” he stated.


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.




Latest Exchange Rate

Donate To ANE!


Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now
Baby Walkers
Lifestyle3 weeks ago

Buying Guide On Baby Walkers for 2021

Burna Boy
Entertainment2 months ago

2021 Grammy Awards: Burna Boy Promises An Unforgettable Performance Experience

Lionel Messi Barcelona Sevilla Copa Del Rey Semi Final
Sports2 months ago

Copa del Rey: Barcelona conquer Sevilla despite 2-0 down!!

PANDORA'S BOX Story
Stories2 months ago

[STORY] PANDORA’S BOX (Episode 06)

BITCOiN
Technology2 months ago

Best Time to Sell Your Bitcoin [EASY GUIDE]

BITCOiN
Technology2 months ago

Bitcoin Crashes, Loses $10,000 In Value

News2 months ago

30 Million Nigerians Will Be On Drugs By 2050 – NDLEA

Cristiano Ronaldo
Sports2 months ago

Serie A: Ronaldo’s Brace Set Juventus Free From Crotone

News2 months ago

Fulani Herdsmen Deserve Better Treatment From Nigerians – Bauchi Former Gov

Justin Trudeau
News2 months ago

Insecurity: Canada Issue Warning to Citizens Against Traveling to Nigeria

NCDC Chairman Chikwe Ihekweazu
News2 months ago

Nigeria Govt Confirms Discovery Of New Covid-19 Variant, 15 Others

Akwa Ibom Best Hotels ANE Travels
Lifestyle2 months ago

How To Detect Hidden Camera in a Hotel Room!!

WhatsApp
Technology2 months ago

WhatsApp To Deactivate Messages For Users Who Reject New Terms!!

Nissi
Entertainment2 months ago

Afro-Jazz/funk Singer, Nissi’s ‘Move X 2’ Is A Rare Delightful Visual

Kim Kardashian
Entertainment2 months ago

Kim Kardashian Officially Files For Divorce From Kanye West!!

Kanye West
Entertainment2 months ago

Kanye West Thinks Kim Kardashian Is Divorcing Him Because Of Presidential Run

Banky W and Adesua Pregnant
Entertainment2 months ago

Banky W, Adesua Etomi Welcome Baby Boy!!

JImoh Ibrahim
News2 months ago

Jimoh Ibrahim: Court Vacates Order Against Assets Over Alleged N69.4bn Debt

Business2 months ago

Nigeria To Supply Electricity To Togo From Calabar Power Plant

Victor Osimhen
Sports2 months ago

Napoli Confirm Victor Osimhen Head Injury, Say No ‘conclusive Result’ After Tests

ANE Billboard Hots!



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Copyright © All Naija Entertainment.

css.php