The National Association of Nigerian Students (NANS) is urging the Nigerian government to revive moribund palm oil plantations in order to reduce the country's $600 million annual spending on palm oil imports. Nigeria currently consumes approximately 3 million metric tons of palm oil per year but produces less than half of this demand domestically.
The National Palm Produce Association of Nigeria (NPPAN) has proposed a comprehensive strategy to revitalize the sector by developing 250,000 hectares of oil palm plantations annually, which could bridge the production deficit within four years. NANS believes that with the necessary government support, including policy frameworks and financial incentives, Nigeria has the potential to not only meet its domestic palm oil demand but also become a net exporter, creating economic opportunities and reducing import dependence[1][3][4][5].
Citations:
[1] https://www.vanguardngr.com/2024/06/600m-palm-oil-import-nans-wants-fg-to-revive-moribund-plantations/
[2] https://www.youtube.com/watch?v=yvCsw0cwN-g
[3] https://leadership.ng/that-600m-on-palm-oil-import/
[4] https://punchng.com/investing-in-palm-oil-could-save-nigeria-600m-annually-producers/
[5] https://punchng.com/local-palm-oil-production-can-save-nigeria-600m-annually-nppan/