Alphonsus Inyang, the National President of an association, expressed deep concern over Nigeria’s annual expenditure of ₦884 billion on palm oil imports. In an interview with the News Agency of Nigeria (NAN) in Abuja, Inyang described this expenditure as detrimental to national development.
He emphasized that if the palm oil sub-sector received adequate attention from successive governments, these huge expenditures could be redirected into the economy. Inyang highlighted Nigeria’s historical prowess in palm oil production, noting that the country was once the global leader, accounting for over 60% of world production in the 1960s.
However, he lamented that Nigeria now imports over 50% of its palm oil consumption, ranking fifth globally behind Indonesia, Malaysia, Thailand, and Colombia. He warned that Nigeria’s position could further deteriorate unless substantial investments were made in the sector. Currently, Nigeria produces about 1.4 million metric tons annually but consumes approximately 3 million metric tons, leaving a deficit of over 1.6 million metric tons.
Inyang called on the Federal Ministry of Agriculture and Food Security to support members of the association with seedlings and other inputs to develop 250,000 hectares annually under their National Oil Palm Strategy Development Plan. He emphasized that with the necessary support, the association could bridge the production deficit within four years and generate significant economic benefits, including creating new millionaires across 28 states in Nigeria.