Business
FG To Create 4m Jobs Through Palm Oil Production
The Federal Government says it will create more than four million jobs through oil palm production in the country.
The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mr Sunday Akpan, said this in a statement signed by Senior Information Officer in the ministry Mr Sorinolu Olayinka, in Abuja.
Akpan, who was represented by the Director, Department of Commodity Produce and Inspectorate (CPI), Mrs Omololu Ope-Ewe, said this during the presentation of the draft Oil Palm Policy document value chain.
He said that Federal Government was working toward ensuring the repositioning of the Oil Palm sector for optimal contribution in terms of job creation and revenue sources for both government and the private sector.
Akpan said that oil palm which once played a predominant role in the Gross Domestic Product (GDP) of the country, depended on imported ones to augment local production.
He said the local production was just about one per cent GDP, unlike the contribution of 70 per cent GDP in the past.
Akpan said that potentiality in the sector with the propensity to sufficiently and conveniently place the country as a major oil palm producer and exporter, ”as against what is obtainable in the crude oil sector”.
“The essence of the national oil palm policy is to guide, regulate, protect and support both public and private investment in the sector,” he said.
He charged stakeholders to put aside personal and organisational interest and consider the draft policy document bearing in mind the impact it would create on the economy.
Akpan said that with the policy in place, the country would have a national document that would protect the sector, while due diligence would be done to stimulate investment for higher productivity.
Earlier, in her presentation of the draft policy document, Mrs Funmi Ilamah of the Management Strategy Advisory Ltd., said that the policy document was very important to the producers of the crude palm oil.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.