By 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.

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

“We have made the first set of disbursements which is about N30 billion to some of those who are currently expanding their oil palm plantations and we would do more of this.