The Buhari Media Organisation (BMO) has commended President Muhammadu Buhari for the Presidential directive to Central Bank of Nigeria (CBN) to expand production of palm oil with the purpose of regaining the lost market share Nigeria had in the 1960s.
BMO, in a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, also congratulated local producers for the release of 30 billion naira to them to expand local production.
“The Presidential directive to ensure that individuals and firms caught using forex to smuggle palm oil into the country are blacklisted is also a welcome development as it gives the impetus for local production to spring up.
“The directive to provide support to firms and individuals willing to expand production in rice, maize, palm oil, cocoa, cotton, tomatoes, livestock, and cassava is in line with the diversification agenda of the administration.
“What President Buhari is trying to do is reverse the negative trend by taking Nigeria away from a net importer to a net exporter of palm oil, giving Nigeria its rightful place in the global market.
“The demand for palm oil in Nigeria is primarily driven by household consumption for preparation of food which will continue to go up so long as the population grows. So there is no sense in importing what can be produced locally.
“The price of a barrel of palm oil is quite higher than that of crude oil so there’s a window of opportunity for the country if the local production capacity is expanded,” the group added.
BMO also commended the CBN Governor for his role in macro-economic stabilization which was aided by the protection and eventual liberalization of the foreign exchange window which gives priority to the most productive sector thereby laying the foundation for a robust and diversified economy.