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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Nigeria requires N60b annually for palm oil importation

By Akinola Ajibade

Nigeria needs about N60 billion annually to import palm oil in order to meet the needs of Nigeria, the  Central Bank of Nigeria (CBN)has said. 

Palm oil is an edible vedetable oil  that comes from the fruits of the palm trees. Domestically, palm oil is consumed by many Nigerians until few years ago, when it was replaced in many homes by oil made from fatty substances.

Speaking on the issue, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele said that a total sum of over  N45.03 billion had hitherthoo been disbursed to stakeholders in the oil palm industry to aid the cultivation of about 31, 442 hectares to further grow the commodity,the bank’s Governor, 

He explained that the apex bank’s intervention would help unleash the potential of the oil palm value chain with requisite support for the economic diversification plan as well as the industrialisation aspiration of the country.

He added that the importation demand was expected to cover both the Technical Palm Oil (TPO) used in industry and Special Palm Oil (SPO) used by households.

He added that Nigeria’s palm oil production per annum is currently estimated at 1,250,000 million metric tons (MT) with demand valued at 2,500,00 MT per annum.

The apex bank also said, for the country to achieve 50 per cent import substitution through production upgrade within the next 10 years, there was need to bridge demand deficits for domestic production of fresh fruit bunches from 8.5 million MT in 2010 to about 10 million MT.

According to the fourth quarter 2021 trade statistics by the National Bureau of Statistics (NBS), crude palm oil imports from China totaled N20.28 billion and N16.49 billion from Malaysia as well as palm olein worth N31.43 billion imported from Malaysia.

Recall that Nigeria was the major producers of palm oil in the 60s, when Malaysia took over the production  and exportation of palm oil to other countries.

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