An ambitious plan, which is expected to lift Nigeria to the world’s third largest palm oil producer, was announced yesterday by the Central Bank of Nigeria (CBN).

The plan is to overtake Thailand and Columbia as major palm oil producers.

Addressing stakeholders in the palm oil industry in Abuja yesterday, CBN Governor Godwin Emefiele stated: “Our ultimate vision is to overtake Thailand and Columbia to become the 3rd largest producer over the next few years.”

The CBN boss noted: “If we had kept pace with our peers in supporting improved cultivation of palm oil, at the current global market price of $600 per tonne, and an assumed production level of 16m tonnes, Nigeria could have generated close to $10bn worth of foreign exchange for the country.


“This analysis does not take into consideration the amount of jobs that could have been created in our rural communities from large scale small holder developments.”

To achieve this, the CBN governor is advocating for improved financing.

He said: “With regards to improving access to finance for small holder farmers focused on cultivation of palm oil, the Bankers Committee has established a special sub-committee to make recommendations on sustainable financing models for oil palm and four other critical agricultural commodities that include cocoa, sesame seed, shea-butter, animal husbandry and cashew.

“As part of the Anchor Borrowers Programme (ABP) and our Commercial Agriculture Credit Scheme (CACS), the CBN will work with large corporate stakeholders and small holder farmers to ensure availability of quality seeds for this years planting season and agro-chemicals in order to enable improved cultivation of palm oil.

“We will also work to encourage viable off taker agreements between farmers and large-scale palm producing companies.

“Loans will be granted through our ABP and CACS programs at no more than nine per cent p.a to identified core borrowers.

“With an estimated three million hectares of land under cultivation, abundance of suitable arable land, we need the cooperation of our state Governments in the oil palm producing zones to make land available to investors with proven financial and technical capabilities, who will be able to support developments of large scale palm oil plantations in the country.”

https://www.akelicious.net/2019/03/cbn-eyes-10b-revenue-from-palm-oil.html

Olalekank:
$10b?

Who's deceiving who?
This administration just quote values like it's water


It might as well be the hungry bloggers quoting ludicrous values

We will meet in court.

I don't know why but I believe Nigeria will be great again

Nigeria is a country full of Honey but our people are suffering.

You heard this type of NEWS, your mind would be at rest that at least if not you somebody very close to you may benefit.

But

It is not always so. Before you know it the money disappeared.


Nigeria I hail!

My country is great

Good one

We take words more serious than action in 9ja

Good

lets know who is producing the palm oil.

I am willing to bet it's the most productive Zones again.

Odeagwu wre is how to wre watching o well done

$10b?

Who's deceiving who?
This administration just quote values like it's water


It might as well be the hungry bloggers quoting ludicrous values

Commendable

Nice move. But our government officials need to understand that agricultural economy is not based on farming activities only. Most times, they focus more on farmers which is just one of the actors in agricultural value chains. Other actors such as plant scientists, food technologists, marketers, distributors, reseacher, transporters etc are left to be on their own.

Agriculture can only be profitable when all actors of the value chains are involved.

Like a distinguished professor once said, Nigeria problem is not production but processing and preservation.

We are the largest producer of Yam, what are we doing with yam?

We are the largest producer of cassava, what are we doing with cassava? Only garri and fufu MAINLY.

WE are the 13th largest producer of tomatoes in the world, what are we doing with tomatoes? Mainky to make soup.

Meanwhile, we could start production of ketchup, tomato puree, tomato paste and even tomato juice.

IT IS TIME TO FOCUS ON ALL ACTORS IN THE AGRICULTURAL VALUE CHAINS AND NOT JUST THE FARMERS.

The CBN boss noted: “If we had kept pace with our peers in supporting improved cultivation of palm oil, at the current global market price of $600 per tonne, and an assumed production level of 16m tonnes, Nigeria could have generated close to $10bn worth of foreign exchange for the country.
This analysis does not take into consideration the amount of jobs that could have been created in our rural communities from large scale small holder developments.”

Never in our nation are we going to allow criminals and thieves to rule us again.
We are ready to start all over again to a New Nigeria with our darling President.
A good foundation is being built.
Another good initiative.
God bless our President MUHAMMADU BUHARI and his amiable Vice president Prof Yemi OSIBANJO.
God bless Nigeria.

when you start moving from ogun to ondo,edo , imo to ebonyi state you will know we can,we need to improve to a more yield per fruit specie .

The moment dem hear anything oyel...there ears and dicks go dey rise....

Meanwhile, The Education sector which is supposed to be the bed rock of innovation and technological advancement drive is hugely forsaken.

Buffoons

Na today?

3million hectacre that's much for the purpose of assessing loan

Hope it would be realised not just talk and no action.We really need to move away from oil if we are to progress as a nation.Over dependence on oil is the main of the problem we are having in this country.We help pay your chinese suppliers in RMB.Check siggy for more details.

To succeed in agriculture. You don't have to quote figures any how. It's doesn't work that way. They want to get those lands then abandon it for herdsmen who kills with reckless abandon.

I appreciate how the CBN intervenes in particular aspects of the economy that can spur growth

Only problem?

It's too little, no follow through and it's often hijacked by man know man.

But it's appreciated, the effort.

Not a bad one

But-they'll-at-last-''Nose''it-into-politicians-mouths.
Mtcheeeeeew

oya, those that want to store oil over to you. my advice, don't just try it oh.

Yes we can!

Yawns.....

Una no dey sleep?

Is that so?

Our problem as a nation: first, we have it, then we throw it away at others to pick it up...then we go back to those who picked up to buy it from them and we return again to start looking for a way to start producing it again.


Indonesia and Malaysia who got the seedlings from us are the biggest producers of this product today. In fact, I heard they're in tussle with European union over its decision to ban its use in Europe cos the EU feels Palm oil production encourages deforestation. We just woke up again and we want to start again . Just when one of the markets is frowning at its production.


God won't forgive pdp.

Nice one.

Nice one

Lol...punch in 2024 "dangote to build palm oil refinary in agege lagos"