• Wednesday, May 22, 2024
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BusinessDay

Farmers meet in Benin over rising crude palm oil importation

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The Plantation Owners Forum of Nigeria (POFON) is meeting today in Presco Plc, at the outskirts of Benin, Edo State to discuss the rising importation of crude palm oil (CPO) into the country.

POFON, according to Fatai Afolabi, its executive secretary, is worried that some manufacturers are importing CPO and engaging in trading rather than using it in their manufacturing business.

Afolabi said the Benin meeting will review the effects of this action on POFON operations and prospects for the oil palm industry and come up with proposals for the way forward.

“The rising importation and trading in cheap but low quality CPO has led to the recent collapse of the domestic CPO market. Local producers have been forced to lower their prices to ridiculously low levels and their operations are now threatened.”