The Standards Organisation of Nigeria (SON) has revealed that Nigeria has the potential to save over N94 billion by avoiding the importation of palm oil into the country.
By strictly adhering to set standards and quality requirements, palm oil products could bring in increased foreign earnings for Nigeria the agency noted.
Dr. Ifeanyi Chukwunonso Okeke, the Director General/ Chief Executive of SON, emphasized the agency’s efforts to boost Nigeria’s export trade.
This statement follows a public sensitization workshop for palm oil operators and stakeholders held in Osogbo, Osun state capital recently.
During the workshop, Prof. Kehinde Owolarafe from Obafemi Awolowo University revealed that Nigeria loses N94 billion annually due to palm oil importation.
He pointed out factors such as aging oil palm plantations, lack of appropriate processing technologies, and unfavorable government policies affecting palm oil production in the country.
Prof. Owolarafe stressed the need to improve the quality and quantity of palm oil production to meet international standards for export. He warned against adulteration and urged cooperation among producers to ensure high-quality palm oil production.
The workshop aimed to raise awareness on standards compliance among palm oil stakeholders to enhance production efficiency and income generation.
For his part, the Director General of SON noted that by conforming to Nigerian Industrial Standards and global best practices, operators within the value chain can benefit from increased income and job opportunities.
He highlighted the economic significance of palm oil products in poverty alleviation and employment creation in Nigeria, adding that by improving production processes and adopting effective technologies, Nigeria can revitalize its palm oil industry and boost its economy.
The promotion of value chain through standardization is crucial for enhancing income, creating employment, and boosting exports. Standard and quality palm oil products offer various benefits, including safety, environmental health, economic growth, and global competitiveness.
Despite Nigeria’s decline in palm oil production compared to other major producers, there is still potential for the country to become a key player in the industry through backward integration and technological advancements.
SON, however, remains committed to supporting the growth of Nigeria’s palm oil sector for sustainable economic development.
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