Nigeria plans to invest about 180 billion naira in Palm Oil production to boost output and increase export earnings from the commodity, a Trade and Investment ministry document has shown.
Already, the Central Bank of Nigeria (CBN) has commenced disbursement of fund to oil Palm producers in the quest to ensure massive production of the commodity.
Nigeria plans to increase its palm oil production by 700 percent over the next eight years with the new intervention fund from the CBN.
According to Emefiele, the President has given the regulatory bank a matching order to replicate the success in the rice production in the oil palm sector.
The government initiative was meant to boost domestic production of oil palm to about five million tons from 600,000 tons a year.
The Trade and Investment Ministry also said the government oil palm policy would span over eight years between 2019 and 2027.
“Our policy objectives over an eight-year period will see that we locally produce 100 percent of local crude palm oil demand by 2027, increase revenue from importation via duties and deliver 225,000 full-time jobs and at least 450,000 seasonal jobs,” it said.
Emefiele met with stakeholders in the oil palm production chain in Abuja on Friday.
The regulatory bank has increasingly get involved in direct intervention in some sector of the economy in apparent government decision to increase production, create job and wean the country of crude oil dependent.
The CBN has invested huge resources under its Anchor Borrower Scheme to boost rice production in the country and reduce importation of the commodity.
Recently, the bank has begun intervention in the Cotton production chain as a means to revive the textile industry, which in the eighties and nineties was the biggest employer of labour in the country.
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