Nigeria Plans to Create 4m Jobs from Palm Oil Production

• Nigeria Plans to Create 4m Jobs from Palm Oil Production

Following a series of measures put in place by the Federal Government to revamp palm oil production in Nigeria, the Ministry of Industry, Trade and Investment have said the measures could create as much as four million fresh jobs.

Mr Sunday Akpan, the Permanent Secretary of the Ministry, who was represented by the Director, Department of Commodity Produce and Inspectorate, Mrs Omololu Ope-Ewe, during a presentation of the draft oil palm policy at a stakeholders’ forum in Abuja, said the Federal Government was working to reposition the palm oil industry.

This, he said would boost the sector’s contribution to the GDP and enhance job creation that has rendered most youths idle.

He also noted that the palm oil industry once contributed around 70 percent to the nation’s economy in the 50s and 60s but since crude oil was discovered, its contribution has drastically dropped to mere one percent.

A report released by the Malaysian Palm Oil Council (MPOC), showed Nigeria imported more palm oil from the country in the first quarter of 2019 when compared with 47,974 metric tones (MT) imported in the same period of last year. Local manufacturers imported 112,480 MT in Q1, 2019. Representing 57 percent increase.

Experts have argued that government intervention would stimulate growth in the sector, reduce poverty and aid foreign exchange earnings.

Earlier this year, Godwin Emefiele, the governor, CBN, said despite restricting importers of palm oil from accessing forex at the official rate, the nation still spends about $500 million on palm oil importations.

According to him, if the local palm oil industry could be structured and developed, the pressure on the foreign exchange reserves would reduce.

Akpan, however, said with the current policy, the country would have a national document to protect the industry through investment in the sector.