Nigeria, one of the West African countries, imports palm oil worth of 500 million dollars annually.
Benard Okata, Director of the Federal Department of Agriculture of the Nigerian Ministry of Agriculture and Rural Development, said at the National Palm Oil Symposium that the country generally needs 3 million tonnes of palm oil, but they can produce only 1.2 million tonnes.
Noting that the country imports palm oil worth 500 million dollars annually, Okata said, “When we look at our needs and what we produce, we see that there is a big deficit. We are importing palm oil to close this gap.”
Okata reminded that the oil products need of the country is approximately 3 million tonnes and it is difficult to meet this need.
75 percent of the land is suitable for agriculture…
Nigeria imports 5 billion dollars worth of food annually. In the country, where 75 percent of its land is suitable for agriculture, many agricultural products are grown, especially soybeans, sesame and peanuts.
Nigeria also has the highest quality ginger stock in the world. While the agricultural areas in the country have deteriorated due to high contribution of oil and natural gas to the economy since the 1970s, food shortages and poverty have emerged in different regions of the country in recent years.
President Mohammed Buhari called on farmers for more production, stating that the country has no money left to import food.
The government announced in June that it decided to invest 1.2 billion dollars in the agricultural sector to stimulate the economy, excluding oil and natural gas.