MARKET DEVELOPMENT
Palm Oil Producers Ask FG for N100b Intervention Fund
Palm Oil Producers Ask FG for N100b Intervention Fund
09/07/2013 (THISDAY Live) - The Vegetable/Edible Oil Producers Association of Nigeria (VEOPAN) has appealed to the Federal Government to approve its request for N100 billion Palm Oil Development Fund to help revive the sector, which is seen as a viable alternative to crude oil.
The Association in a letter to President Goodluck Jonathan on June 4, and obtained by THISDAY Monday, noted that oil palm has remained one tree crop that Nigeria has comparative advantage in its production over every other country in the world but have so far lagged behind.
According to the National Chairman,VEOPAN, Mr. Okey Ikoro, the intervention fund is needed to steer the sector back to its glory days when it was one of the mainstay of the economy with Nigeria as the number palm oil producer in the world.
The Association in a letter to President Goodluck Jonathan on June 4, and obtained by THISDAY Monday, noted that oil palm has remained one tree crop that Nigeria has comparative advantage in its production over every other country in the world but have so far lagged behind.
According to the National Chairman,VEOPAN, Mr. Okey Ikoro, the intervention fund is needed to steer the sector back to its glory days when it was one of the mainstay of the economy with Nigeria as the number palm oil producer in the world.