The Central Bank of Nigeria recently reeled out measures to address challenges that had stifled the growth of the palm oil industry. Jonathan Eze writes that such intervention will support the country’s quest to diversify its revenue
The central bank said the move was aimed at identifying “promising approaches” to revitalise the sector and enable the country regain its position as one of the leading global producers of palm oil. Emefiele, further disclosed that the central bank would work to encourage viable off taker agreements between farmers and large-scale palm producing companies, adding that loans would be granted through the Anchor Borrower Programme and the Commercial Agriculture Credit Scheme initiatives at not more than nine per cent interest per annum to identified core borrowers.
He also reiterated the resolve of the bank to deal with unrepentant smugglers who are bent on frustrating its efforts to revive key sectors of the economy as well as create jobs for Nigerians. In the same vein, the Edo State Governor, Mr. Godwin Obaseki, made a case for the revival of the Nigerian Institute of Oil Palm Research to strengthen the country’s capacity to produce quality, high-yielding seedlings and boost oil palm production.
According to him the market potential for oil palm is very huge and can successfully replace crude oil if government is ready to give the commodity the same attention given to crude oil and cocoa production in the country. He highlighted best management practices to include making circles around the palms, appropriate pruning, fertilizer, regular harvesting. He said they have been able to move the yield of the farmers they are working from 5-8tonne per hectare.
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Source: Daily Trust - 🏆 13. / 51 Read more »