Despite measures by the government to curtail imports, Nigeria has imported some crude palm oil valued at N176billion ($360million) as deficit soared to 500,000 tonnes in 2020.
It was learnt that local production had dwindled from 1.2million tonnes to 1.01million tonnes, while demand stands at 1.5million tonnes. Currently, the price of the produce is $720 per tonnes in the global market.
According to the National Palm Produce Association of Nigeria (NPPAN), importation, smuggling and the influx of banned adulterated crude palm oil (CPO) into the country’s market had discouraged local production…
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News Archive from before July 2018