Palm oil price higher than that of crude oil - Emefiele

Palm oil price higher than that of crude oil - Emefiele

- Godwin Emefiele has urged the federal government to attach premium to palm oil production

- According to the CBN governor, price of palm oil is higher than crude oil’s

- The CBN governor also expressed concern that though Nigeria was one of the major palm oil producers in the 1960s, it failed to consolidate on it

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Wednesday, May 15, urged federal government to attach premium to palm oil production, saying its price is higher than crude oil’s.

Emefiele stated this in Abuja when he appeared before Senate’s Committee on Banking, Insurance and other Financial Institutions for screening for his second term nomination by President Muhammadu Buhari.

He did not, however, give the current prices of the commodities in the international market, but said that palm oil was a goldmine, which Nigeria had capacity to export to many countries.

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The CBN governor expressed concern that though Nigeria was one of the major palm oil producers in the 1960s, it failed to consolidate on it because of the discovery of crude oil.

He, however, said that the CBN, through its legal functions, would come up with a special programme to boost palm oil production to help in diversifying the economy. According to him, Nigeria had the potential to export palm oil and boost its revenue generation.

Emefiele recalled that “in the 60s, Nigeria controlled 40 per cent share in the global palm oil chain’’.

“We were exporting our palm oil to different parts of the world, but because we found crude oil, we receded and abandoned it. The price of a tonne of palm oil is more than the price of a barrel of crude oil. So, what happened?

“For other countries, when they had the opportunity in agriculture and in the crude sector, they did not let their guards down; unfortunately, we did and that is what we are paying for today," he said.

He commended President Muhammadu Buhari for his commitment to repositioning the agriculture sector. According to Emefiele, the president had on different occasions insisted that the country should be producing what it would consume and consume what it would produce.

He noted that the charge resonated with CBN management, which took it further by starting the Anchor Borrowers Programme that had impacted so much on the lives of Nigerians. He also disclosed that the apex bank was coming up with a fund for the creative industry “to engage Nigerian youths so as to increase employment rate as well as tackle restiveness’’.

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The CBN governor informed the committee that the bank had worked assiduously to stabilise the economy in many areas.

Meanwhile, recall that Legit.ng had reported that twenty four exported food products from Nigeria were rejected by the European Union (EU) in 2016 for failing to meet standards.

This was disclosed by the National Agency for Food Drug administration Control (NAFDAC) spokesman, Abubakar Jimoh, in an interview with the news agency in Abuja on Monday, June 5.

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