Federal Government plans to Cut Volume of Imported Vegetable Oil
Posted by Abuja (admin) on Thursday, 24th July, 2008 at 7:59 AM
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Technology Adviser to the Minister of Commerce and Industry, Mr. Ifeayi Mbah said that Federal Government would help local producers of vegetable oil in their drive to increase the production of the commodity so as to reduce the volume of imported brands of vegetable oil into the country. Mr. Mbah also disclosed that Nigeria spends N68 billion in importing vegetable oil to bridge the supply gap as a result of the inability of the producers to meet the local needs.

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Mr. Mbah also noted that the Minister of Commerce and Industry Chief Charles Ugwuh had mapped out strategies of ensuring that vegetable oil producers in the country benefit from Federal Government fund for agricultural development. He put the Nigeria annual consumption of vegetable oil at about 1.4 million tones at market value of about N138 billion while local production stands at 1million tones leaving the remaining gap of 400,000 tones to be filled by imports.? He further stated that the Honourable Minister of commerce would provide a platform for all stakeholders to consult among themselves and come up with a common position on how to increase local production of vegetable oil and how to make the sub sector more profitable and attractive to investors.

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Mr. Mbah attributed the lingering poverty among the farmers in Nigeria to low yield per hectare of agricultural produce, noting that as yield of crops begin to increase, the menace of poverty would reduce. While proffering solution to the problem of vegetable oil sub sector, Mr Mbah said it has become imperative to replant and rehabilitate the ageing oil palm plantations and therefore urged the private sector to make good use of the opportunities that abound in the vegetable oil sub sector.

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Source: Thisday. Tuesday July 8 2008. Page 29

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