CBN Invests N69bn to End Palm Oil Import in Edo

Chinazor Megbolu |

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele had said the apex bank will provide the N69 billion funding facility needed for Edo State Oil Palm Programme (ESOPP)

He explained the support from CBN would help end Palm oil importation into the country.

Emefiele revealed this on Tuesday during the launch of the ESOPP and

Plantation Owners Forum of Nigeria Oil Palm Discourse-Focus in Benin City.

He charged the State Governor, Mr. Godwin Obaseki to do everything possible to end the importation of palm oil which he added gulped $500 million.

He used the opportunity to call on other State Governors to emulate the Obaseki’s initiative towards providing land to boost oil palm production in their States respectively.

Emefiele pegged Nigeria’s total domestic palm oil demand and consumption at 2.5 million as total production capacity of only 1.25 million metric tonnes.

He called on the investors in palm oil palm plantation to go to Edo state and invest for beneficial gains.