15/03/2011 (Nigerian Compass) - Oil palm exports have been described as another potential source of revenue for the country. It is believed that it could generate over $50m (about N7.5 billion) in foreign exchange yearly. This is at a time the Federal Government expressed commitment to the revival of the oil palm industry.

Director-General, Raw Materials Research and Development Council, (RMRDC), Prof. Peter Onwualu who expressed the commitment of the Federal Government at a national summit on the oil palm industry in Abuja said, “The oil palm industry in Nigeria can generate in excess of $50 million annually in foreign exchange if adequately harnessed and developed.”

He called on stakeholders such as the government, entrepreneurs, financial institutions and research institutes to collaborate for the revival and repositioning of the industry.

On the prospects of the industry, Onwualu, said oil palm had 11 industrial classifications of active transfer of technologies across the nation.

He said: “The oil palm is part of our world in many more ways than we can conceive. It is present at home, at work, in restaurants and even cars rely on the countless uses of palm oil. Experts are of the opinion that the oil palm industry has the potential to create 10 million jobs within five years in such areas as palm oil extraction and processing; palm kernel oil extraction and refining and production of glycerin.”

Also speaking at the summit, a former Minister of Commerce and Industry, Chief Charles Ugwu,said the industry could be revived to play a key role “as the nation intends to be one of the 20 largest economies by the year 2020.”

The RMRDC boss listed the challenges facing the industry to include the use of over-aged palm trees, predominance of wild palm grooves, water-related stresses resulting from erratic rainfall and neglect as the nation relied more on the petroleum sector, and failure of extension officers to educate farmers.