Nigeria loses 20 Billion Naira annually to palm oil importation

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that Nigeria loses at least N20 billion annually in revenue due to the importation of palm oil into the country.

Emefiele stated this at the weekend when he visited PZ Wilmar Oil Palm plantation at Calaror Estate, Akamkpa Local Government Area of Cross River State.

Addressing the management of PZ Wilmer after a tour of the plantation, the CBN governor said:"This country is losing N20 billion Naira by the 75 per cent waiver given to people who import palm oil into Nigeria. We will work very hard to stop that because we need our revenue in our coffers.

“We will work with our colleagues in government to extend the programme for rice substitution into palm oil substitution and also with other agricultural produce where we think that Nigeria has comparative advantage and we will take advantage of this. We will encourage Nigerian banks to give you support and CBN will try to sow its seed to support your work”

The CBN boss condemned a situation where 75 per cent duty waivers is given to people who are importing palm oil into the country, saying "it is indeed a disincentive to those of you who are producing palm oil in Nigeria".

Credit: Bassey Inyang/ThisDay