Palm oil price higher than crude oil’s on global market —Emefiele

Central Bank of Nigeria Governor, Mr Godwin Emefiele, on
Wednesday, urged Federal Government to attach premium to palm oil
production, saying its price is higher than crude oil’s on the
global market.

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 the capacity to export to many countries.

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.

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.

“We will grow that market again and after that, we will go into
cocoa,” he said.

He commended President Muhammadu Buhari for his commitment to
repositioning the agriculture sector.

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