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

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has noted that the price of palm oil is greater than crude oil.

Emefiele noted that that is why the Federal Government is placing emphasis on its production.

Advertise With Us

He said this in Abuja on Wednesday as he appeared before the Senate Committee on Banking, Insurance and other Financial Institutions for screening for his second term nomination by President Muhammadu Buhari.

According to him, palm oil, which he did not mention the price at the international market, is a goldmine that the country can tap into.

He recalled that “in the 60s, Nigeria controlled 40 per cent share in the global palm oil chain.

“We were exporting our palm oil to different parts of the world, but because we found crude oil, we receded and abandoned it.

“The price of a tonne of palm oil is more than the price of a barrel of crude oil. So, what happened?”

He added: “For other countries, when they had the opportunity in agriculture and in the crude sector, they did not let their guards down; unfortunately, we did and that is what we are paying for today.

“Such move is so, so that when there are some external shock, it will not be felt.

“We will grow that market again and after that, we will go into cocoa.”