The national palm produce association of Nigeria, has called on the Central Bank of Nigeria to set aside a minimum of N200 billion for the funding of small holder Oil Palm farmers under the Oil Palm Development Initiative.
The association, which caters for the interest of small holder farmers, processors and marketers of oil palm in the country, also demanded the release of 25 per cent of all import duties charged from the importation of Oil Palm products to the association for backward integration and opening of new Oil Palm plantations in the country.
Speaking after the national executive council meeting in Akure, the Ondo State, the national president, Mr Alphonsus Inyang called on the National Assembly to as matter of urgency enact a law establishing the National Oil Palm Development Council to regulate, incentivize investment, fund and provide level paying field for the industry.
The meeting, which drew participants from all over the country, discussed several issues affecting the industry and called on CBN, Federal and State Governments to address them urgently in order to restore the lost glory of the country in the production of the commodity.
Inyang urged state governments of the 24 States with comparative advantage in oil palm production to emulate the Ondo State governor, Arakunrin Oluwarotimi Odunayo Akeredolu who has allocated and gazette 10,000 hectares of arable land for the development of Oil Palm in State under the Red Gold Initiative Project.
Demands the release of 25 percent of all import duties charged from the importation of Oil Palm products to the association for backward integration and opening of new Oil Palm plantations in the country.
Other demands made by the association included adequate funding of Nigerian Institute for Oil Palm Research for increased research and production of hybrid seedlings; acceptance of oil palm plantations which is a producing asset as collaterals and be included in the National Collateral Register among others.