Oil Palm Producers Seek 200bn Aid From CBN To Promote Production

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To combat the loss of funds in the oil palm and agro-industry, the National Palm Produce Association of Nigeria (NPPAN) has called on the Central Bank of Nigeria for financial aid to assist them in producing palm oil.

During the association’s national executive council meeting they urged the government to establish a law that will implement the national oil palm development council to regulate incentive investment including forms and also provide a level playing field for the industry.

 

According to the National President of the Association, Alphonso Inyang he demanded from the CBN 25% of all charged duties from the importation of palm oil products. According to him, he said that the revenue generated from the 25% will go a long way in developing the existing plantations in the country.

He also went further to demand more revenue and funding from the Nigerian Institute for palm oil research. In his speech, he urged the Central Bank of Nigeria to give banks exclusive permission to accept all oil palm plantations as collateral for granting loans.

On educating the government about the advantages in oil palm production, he requested for provision of land to enable sufficient production and also for assistance in the area of production of seedlings for cultivation.

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