‘Government should move against actions inimical to palm oil production’

MANAGING Director of Presco Plc, Mr Felix Nwabuko, has urged the Federal Government and its MDAs to aggressively eradicate the abuse of the Ecowas Trade Liberalization Scheme, particularly as it affects the oil palm and vegetable oil industry in Nigeria.

Recall that the Central Bank Nigeria (CBN) Governor, Mr. Godwin Emefiele, had also recently, prompted the Federal Government to be bullish about palm oil production.

AGF Malami sues two INEC officials over electoral fraud

This, he revealed at the screening for his second term nomination by the Senate Committee on Banking, Insurance and other Financial Institutions, where he stated that the current price of Palm Oil in the international market outweighs that of Crude Oil.

According to him, the Nigerian Palm Oil industry is a goldmine that was in the 60s, controlling over 40 percent share of the global palm oil chain.

“We were exporting our palm oil to different parts of the world, but because we found crude oil, we receded and abandoned it. The price of a tonne of palm oil is more than the price of a barrel of crude oil. So, what happened?

Speaking further, he stated that the CBN, through its legal functions, is working on a special programme to intervene in the palm oil production industry.