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“We are seriously lobbying government to look into these concerns.” Nigeria, the world fifth largest palm oil producer, consumes around two million tonnes of palm oil per year, half of which is imported, with local output at 800,000 to one million tonnes.
“We need government to come to our aid to assist us.” Across the globe, the palm oil industry has faced heavy criticism for deforestation, loss of community land and claims of worker abuses on Southeast Asian plantations.
He said CBN loan money “does not get to local farmers”, adding that “we only hear it in the news”.
The small growers that the fund is meant to target hardly have access.” Local producers want the state-run Nigerian Institute for Oil Palm Research to step in and help farmers with improved seedlings, pest and disease control and proper supervision.
Standing beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government’s drive to revive the country’s once thriving palm oil business.
Small players struggle In neighbouring Akwa Ibom State, local authorities said they are using a CBN loan to revamp more than 3,000 hectares of oil palm plantation abandoned over 30 years ago.
At Okomu Oil Palm Company in Edo state, there are three palm and rubber plantations sitting on over 33,000 hectares of land, partly funded by a 14-billion-naira ($34-million) loan.
“Given the right incentives, our local farmers will perform,” said Sola Oni, an analyst with Sofunix Investment.
Established in 1976, Okomu has three oil mills, producing 40,000 tonnes of crude palm oil (CPO) per year..
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