The Central Bank of Nigeria (CBN) has revealed that there is hope that Nigeria will be the world’s third-largest palm oil producer. This was disclosed yesterday by the CBN Governor, Godwin Emefiele in Abuja while addressing stakeholders in palm oil industries.
Emefiele stated that the ultimate vision is to overtake Thailand and Columbia to become the 3rd largest palm oil producer in the next few years to come. Adding that, if Nigeria had kept pace with other countries in improving cultivation of palm oil at the current global market price of $600 per tonne and an assumed production level of 16m tonnes, Nigeria could have generated close to $10bn worth of foreign exchange.
He announced that Loans will be granted through our Anchor Borrower Programme (ABP) and Commercial Agriculture Credit Scheme(CACS) programs at no more than nine percent p.a to identified core borrowers.
“With an estimated three million hectares of land under cultivation, abundance of suitable arable land, we need the cooperation of our state Governments in the oil palm producing zones to make land available to investors with proven financial and technical capabilities, who will be able to support developments of large scale palm oil plantations in the country,” Emefiele noted.