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CBN disburses N30b to oil palm producers

…Commences investigation of smugglers’ accounts

Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has disbursed the sum of N30 billion to oil palm producers, with a view to ensuring massive production of the commodity in the country.

The Governor of CBN, Mr. Godwin Emefiele, disclosed this at a meeting with stakeholders in the industry, in Abuja, this afternoon.

The CBN boss also disclosed that the apex bank had commenced investigations into the accounts of suspected palm oil smugglers, vowing to sanction culprits.

Smuggling, dumping, challenges to economic policies – CBN(Opens in a new browser tab)

•Section of Sakponba Estate oil palm nursery

According to him, he was under a strict presidential directive that palm oil importation must stop and that his team at the CBN were determined to assist its producers to produce enough for local consumption and even export.

Details soon…

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