Establish palm oil intervention fund, Reps urge FG

<p>The House of Representatives on Wednesday called on President Bola Ahmed Tinubu to support production of palm oil across the country, by establishing palm oil intervention fund.</p>, <p>The resolution was passed sequel to the adoption of a motion sponsored by Hon. Bamidele Salam (PDP-Osun), who expressed grave concern over the country’s declining fortune in palm oil production globally.</p>, <p>In his lead debate, Hon. Salam observed that prior to the discovery of crude oil in commercial quantities in Nigeria, palm oil was a major agricultural export crop and a top foreign exchange earner for the country.</p>, <p>“The House also notes that according to the United States Department of Agriculture (USDA), Nigeria was the largest producer of palm oil in the world but has fallen to the fifth position with 1.5 per cent or 1.03 million metric tons of the world’s total output and an average production of 1.4 million metric tons.</p>, <p>“The House further notes that according to the National Palm Oil Produce Association of Nigeria (NPPAN), Nigeria is the largest consumer of palm oil in Africa, consuming approximately 2.5 million metric tons yearly, while domestic production stands at less than 1.3 million metric tons, leaving a deficit of over 1.2 million metric tons.</p>, <p>“The House concerned that Nigeria, which was a leading exporter of palm oil, is now a net importer, depending largely on other countries to meet the huge supply gap over the years.</p>, <p>“The House is also concerned that experts in the industry have forecast that Nigeria’s oil palm imports from Malaysia will continue to increase because her investment in the industry is still very insignificant.</p>, <p>“The House is aware that the high cost of some essential commodities in Nigeria is directly related to the high cost of palm oil as palm oil forms more than 45 per cent of raw materials that are needed for the production of most packaged foods.</p>, <p>“The House is also aware that other essential food and household items such as vegetable oil,