Bombshell! Price of palm oil higher than crude oil’s – Emefiele

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Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Wednesday, urged Federal Government to attach premium to palm oil production, saying its price is higher than crude oil’s.

Emefiele, OKOWA
Emefiele

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Emefiele stated this in Abuja when he appeared before Senate’s Committee on Banking, Insurance and other Financial Institutions for screening for his second term nomination by President Muhammadu Buhari.

He did not, however, give the current prices of the commodities in the international market, but said that palm oil was a goldmine, which Nigeria had capacity to export to many countries.

The CBN governor expressed concern that though Nigeria was one of the major palm oil producers in the 1960s, that it failed to consolidate on it because of the discovery of crude oil.

He, however, said that the CBN, through its legal functions, would come up with a special programme to boost palm oil production to help in…



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