Federal government has formally expressed the intention of Nigeria to become one of the members of the Palm Oil Producing Countries.
The letter of intent was submitted to the council of the cartel on behalf of the nation by Minister of State for Agriculture and Rural Development, Mr Mustapha Baba Shehuri, in Kuala Lumpur, Malaysia last week.
The Minister led a Nigerian delegation to the ministerial meeting of the Council of Palm Oil Producing Countries in Malaysia to participate in the meeting and submit Nigeria’s proposal to join the council.
Nigeria expressed optimism that the congress will continue to provide the platform for global networking on the latest innovations and information sharing, foster closer relations and co-operation among all industry players in its pursuit to enhance the sustainable development of the palm oil industry and sustaining its competitiveness in the global oils and fats market.
The council is a strategic global forum for thinkers and strategists to deliberate on technological breakthroughs and advancements in the oil palm sector as well as on the developments of the oils and fats industries.
Nigeria is one of the largest producers of oil in the world. However, it is yet to explore the industry for economic growth, largely due to over-dependence on crude oil, which has been the nation’s main source of foreign exchange.
Since the present administration of President Muhammadu Buhari came into office in 2015, efforts have been made to diversify the economy by exploring the agricultural sector.
Nigeria has the land to grow various cash crops and could make huge revenue from exporting the commodities, which are sought for outside the shores of the country.
Adedapo Adesanya