Imo lawmaker, Onyewuchi laments $500 million capital flight in palm oil industry - Daily Post Nigeria

Senator representing Imo East Senatorial District, Francis Ezenwa Onyewuchi has lamented the nation’s capital flight to the tune of $500 million on the importation of oil annually.

The lawmaker noted that it was unacceptable for a country that was the largest net exporter of Palm oil in the 50s and 60s to continue the exportation of oil palm to its disadvantage in the international market. “In the 50s and 60s, Nigeria was the largest net exporter of oil palm, but the narrative has changed due to neglect of the sector by the government.

“Today, researchers on oil palm are no more, instead of using the opportunity of technology to increase researches for maximum yield.

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