SON: Nigeria Could Save N94bn Annually on Palm Oil Importation

The Standards Organisation of Nigeria (SON) has stated Nigeria has the capacity to save over $60.1 million annually if it adopts strict adherence to stipulated standards and quality requirements in its palm oil production processes.

SON also explained that palm oil products could attract increased foreign earnings for Nigeria as far as the non-oil sector is concerned.

The SON statement was apparently in reaction to a shocking disclosure by one of the chief facilitators at the event, Prof. Kehinde Owolarafe of the Department of Agricultural and environmental Engineering, Obafemi Awolowo University, (OAU), Ile-Ife, who said Nigeria loses $60.1 million annually to palm oil importation.

According to the don, between 1920 and 1960, Nigeria was the leading producer and exporter of palm oil in the world.

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