This alarming statistic was highlighted by Alphonsus Inyang , the National President of the National Palm Produce Association of Nigeria ( NPPAN ), during an interview with the News Agency of Nigeria ( NAN ) in Abuja , Nigeria .

Inyang described this expenditure as detrimental to the country ’ s economic development and emphasised the urgent need for government intervention to revitalise the palm oil sub-sector .

A FALL FROM GRACE

Inyang ’ s comments underscore a painful irony for Nigeria , once a global leader in palm oil production and exportation , is not heavily reliant on imports .

In the 1960s , Nigeria controlled over 60 per cent of the world ’ s palm oil market , a stark contrast to today ’ s reality , where more than half of the country ’ s palm oil consumption was met through imports .

Nigeria ranks fifth among palmoil-producing countries , trailing behind Indonesia , Malaysia , Thailand , and Colombia .

Inyang explained : “ Nigeria may even lose its position to smaller countries investing heavily in the sector .

“ Indonesia occupies the first position , producing 50 million metric tonnes , followed by Malaysia ( 19 million ), Thailand ( 3.28 million )

Alphonsus Inyang

Abdul-Yekinn Odunayo

and Colombia ( 1.9 million ).”

GOVERNMENT NEGLECT

Inyang pointed out that the decline in Nigeria ’ s palm oil industry is primarily attributed to neglect by successive governments . This is backed by the fact that in the 1960s , Nigeria was the number one producer of palm oil , a position it lost to Malaysia and Indonesia by 1966 .

Today , Nigeria produces only 1.4 million metric tonnes of palm oil annually , accounting for a mere 1.5 per cent of global output , while

consuming approximately three million metric tonnes yearly . This leaves a significant deficit of over 1.6 million metric tonnes , filled through costly imports .

Inyang has called for immediate government support , particularly from the Federal Ministry of Agriculture and Food Security , to assist NPPAN members with essential inputs such as seedlings , fertilisers , logistics , and farming implements .

“ Our members can plant up to 250,000 hectares per year through the association ’ s National Oil Palm Strategy Development Plan ; the government does not need to give and develop land for us ; all we want are inputs ,” Inyang expressed .

A STUDENT ’ S PERSPECTIVE

The National Association of Nigerian Students ( NANS ) has also weighed in on the issue , expressing deep concern over the economic impact of palm oil imports .

In a statement released in Abeokuta , Ogun State ( Southwest Nigeria ), NANS National Senate Clerk Abdul-Yekinn Odunayo found the expenditure shocking and alarming .

“ Over the years , the country has resorted to importing almost everything and exporting virtually nothing . One wonders whether the people at the helm of affairs in the country have forgotten or , better still , need to understand the economic maxim called Balance of Trade .

“ Or , how can a nation with more importation and less exportation grow its economy ? Sadly , Malaysia , which came to Nigeria to learn how to cultivate palm trees in the 60s , is now the world ’ s second-best product exporter .

“ If US $ 600m is injected into this fragile and shaky economy , we firmly believe the country will witness a leap in economic prosperity .

“ To this end , NANS wants to passionately urge the Federal Government under President Bola Ahmed Tinubu ’ s leadership to put

a mechanism in place to trap this huge capital flight in the name of palm oil importation ,” Odunayo mentioned .

REVIVING MORIBUND PLANTATIONS

To tackle this issue , NANS has urged the Federal Government to revive moribund palm plantations , particularly in the southeast and southern regions , and to incentivise private investors .

NANS has also called for the reactivation of abandoned farm settlements in the southwest and increased funding for research institutes that develop advanced cultivation and processing techniques for palm oil .

By adopting these measures , NANS believes Nigeria can reclaim its position as a leading palm oil producer and exporter , creating numerous job opportunities for its youth and graduates .

The call to action from both NPPAN and NANS is clear : the Nigerian government must prioritise the palm oil sector .

Revitalising this industry has the potential to save US $ 600 million annually , generate substantial foreign exchange earnings , and create employment opportunities . The benefits of such a revival are multifaceted , offering a path to economic stability and growth , and a chance for Nigeria to reclaim its position as a global palm oil market leader .

Reviving the palm oil industry is a ray of light for Nigeria ’ s flagging economy . How the Nigerian government answers this request will dictate whether the country can recover and regain its position as a worldwide palm oil market leader .

Now is the moment to act ; with the correct policies and assistance , Nigeria may regain its former grandeur and set itself up for future prosperity- as a leading agricultural nation and an ensured prosperous future for its citizens . – @ AGROBiz