Provide incentives for large scale oil palm production, Reps tell FG

The House of Representatives, on Wednesday called on Federal Government to provide financial incentives for private investors to establish oil palm plantations.

The lawmakers also urged States in the palm oil producing geopolitical zones, to take necessary measures to encourage large scale production of palm oil for export to earn foreign exchange.

The resolution was passed following the adoption of the motion  sponsored by Emmanuel Akpan (PDP-Akwa Ibom), who decried the neglect of palm oil production and other sources of revenue for the country, after the discovery of crude oil.

He added that palm oil production accounted for more than  per cent of the total revenues generated by the country.

Akpan explained that in view of the downturn in Nigerian economy which may not be unconnected to the sharp fall in the price of crude oil at the international markets, there is need for the country to diversify into agriculture especially palm oil production, which will earn the country foreign exchange as the product is in high demand all over the world.

“If the small holders who are presently producing about 80 percent of the country’s palm oil and the large scale investors are provided with need incentives there will be an increase in palm oil production  for local consumption, creation of employment for thousands of youth and boost in export to improve foreign exchange earnings,” the lawmaker said.

On his part, Abubakar Kanike (APC-Kwara) said: “we should look beyond theory on how to diversify the country’s economy. We need to focus on cash crops if we want to alleviate unemployment in the country”.

In his remarks, Chris Asibogu (PDP-Anambra) decried the failure of Nigeria to maximize the potentials in the “palm produce used for soap making and other useful items.

“It is embarrassing for the country to import palm oil from Sierra Leone and other countries when we have this palm trees,” he said.

While ruling on the motion, Speaker Yakubu Dogara referred the motion to the joint Committee on Commerce and Agricultural Production and Services to ensure implementation and report back to the House within eight weeks for further legislative action.