The Nigerian Institute for Oilpalm Research (NIFOR) is located in Edo State. Image: Vanguard Nigeria.

The Central Bank of Nigeria (CBN) has disbursed N30 billion to oil palm producers across the country, the apex bank noted on Friday.

Concise News reports that the CBN Governor Godwin Emefiele revealed this in Abuja during a meeting with stakeholders in the Oil Palm industry.

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According to the CBN boss, the move is targeted at ensuring massive production of the oil palms in the country.

He also noted that the CBN had started investigations into the accounts of suspected palm oil smugglers, vowing to punish culprits.

Emefiele said he was under a strict presidential directive that palm oil importation must stop with the bank willing to help producers have enough for local consumption and export.