The Governor of the Central Bank of Nigeria
(CBN), Mr. Godwin Emefiele, has disclosed that
Nigeria loses at least N20 billion annually in
revenue due to the importation of palm oil into the
country.
Emefiele stated this at the weekend when he visited
PZ Wilmar Oil Palm plantation at Calaror Estate,
Akamkpa Local Government Area of Cross River
State.
Addressing the management of PZ Wilmer after a
tour of the plantation, the CBN governor said:”This
country is losing N20 billion Naira by the 75 per
cent waiver given to people who import palm oil into
Nigeria. We will work very hard to stop that
because we need our revenue in our coffers.
“We will work with our colleagues in government to
extend the programme for rice substitution into
palm oil substitution and also with other
agricultural produce where we think that Nigeria has
comparative advantage and we will take advantage of
this. We will encourage Nigerian banks to give you
support and CBN will try to sow its seed to support
your work”
The CBN boss condemned a situation where 75 per
cent duty waivers is given to people who are
importing palm oil into the country, saying “it is
indeed a disincentive to those of you who are
producing palm oil in Nigeria”.
Speaking on the investment of PZ Wilmer, the
CBN Governor said,“It sounds like news to the
people how PZ, a multinational conglomerate would
suddenly be seen in palm plantation business. From
what I know about what PZ does, PZ uses palm oil
in soap making, in detergent making and I see your
foray into palm plantation as part of your backward
integration plans and I feel delighted that you have
taken this on as a way of supporting the federal
government’s transformation agenda; first to create
jobs, develop entrepreneurs in Nigeria and at the
same time go into import substitution”.
Speaking further, he said:”Earlier you said the
import content of what you produce today is about
60-65 per cent and by the time this plantation is
fully developed your import content will come to
less than 10 per cent and that is what we want
Nigerians to begin to embrace.
“I can assure you that the CBN, and indeed, with
the support of other government agencies of
government, will work with you.
“I am talking about ministries of Industry, Trade
and Investment/Agriculture. I have noted the
challenges and I am going to work very hard to
ensure that those impediments that may act to
discourage you in investing in this, we will tackle
them for you.”
Emefiele said the CBN was evolving policies that
will generate employment through the
encouragement of entrepreneurship.
He stated that the nation’s apex bank would
continue to encourage entrepreneurship as a means
of developing the nation’s economy. Emefiele further
said, the federal government is initiating an
entrepreneurship programme with the National
Youth Service Corps (NYSC), whereby members
would go through a skill acquisition scheme.
“I will give you assurance, we are looking at putting
in place a programme to create jobs and adjust
interest rates and that means encouraging our
young graduates to embrace agriculture and also
encourage small farmers to embrace agriculture. We
will encourage young NYSC graduates that are
interested in agriculture with our own grants to
begin to work with PZ wilmar to develop their
agricultural skills and entrepreneurial skills. We
appeal to you to accept them, we will not only give
them grants we will also give them loans at
reasonable rates so that they can begin to leave
well and will not have to come to Abuja or Lagos
to look for White collar jobs,”he said.

Good development!

Same story here by Guardian.
Op, thanks a lot.

It will do to indicate your source. Cheers!

Nice one


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