Local producers of oil palm products have called on the Federal Government to review the waiver for importers of oils palm products, so as to protect the local industry.
The Coalition of Oil Palm Value Chain Associations (COPVCA) made the demand during a protest visit to the Ministry of Agriculture and Rural Development in Abuja. The group also demanded an establishment of a N100 billion development fund by the federal government as bailout intervention for the industry.
Leader of the coalition, Mr. Moye Ladoja, noted that importation of over 24,000 metric tonnes of palm oil, annually into the country by eight companies was a major threat to the huge investment of local manufacturers and the nation’s economy.
The stakeholders also urged the government to strictly impose the 35 per cent import duty on palm oil importation to resuscitate the local industry.