14/03/2011 (Nigerian Compass) - The Federal Government said on Thursday that it  was committed to the revival of the oil palm industry, which it added could generate over $50m (about N7.5bn) in foreign exchange every year.

Director-General, Raw Materials Research and Development Council, Prof. Peter Onwualu, made the commitment at a national summit on the oil palm industry in Abuja.

He said, “The oil palm industry in Nigeria can generate in excess of $50m annually in foreign exchange if adequately harnessed and developed.”

Onwualu said there was a need for all stakeholders, including the government, entrepreneurs, financial institutions and research institutes to collaborate for the revival and repositioning of the industry.

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, neglect as the nation relied more on the petroleum sector, and failure of extension officers to educate the farmers.

On the prospects of the industry in the country, 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.”

Speaking at the summit, a former Minister of Commerce and Industry, Chief Charles Ugwu, recalled with nostalgia how Nigerian families were sustained from incomes they earned from the oil palm industry.

He expressed optimism that the industry could be revived to play a key role again as the nation bid to be one of the 20 largest economies by the year 2020.