To bridge the gap, he said local palm oil producers would need to strategise to attract needed funding for improved and increased production.
He made the disclosure while speaking at a town hall meeting with Akwa Ibom State chapter of OPGAN in Uyo, yesterday.
According to him, palm oil remains a major component for the production of more than 40 items, excluding cooking, lamenting that since its processing has been left to the elderly, it has led to production and supply gaps, even as outdated processing methods are most times deployed.
The president noted that the war in Europe had also constrained major palm oil-producing countries of Malaysia and Indonesia to limit their export capacities with Nigeria unable to attend to increasing export requests since production levels have stagnated over time.
“It is so bad that Nigeria does not even have any capacity to export palm oil again and the local demand gap is about $500 million and that is why OPGAN has taken it upon themselves to organise members properly. If we are able to galvanise our strength, I am very sure we can meet the gap and surpass it.
“Oil palm affects our lives everywhere, especially in the food industry. Without palm oil, you can’t have your noddles, pasta, soap, margarine, mayonnaise, chocolate, toothpaste and so on in the food industry. Oil palm is the key because more than 40 items are produced from it and so when you talk about food security in the world, oil palm remains key.”
Earlier, the state Chairman of OPGAN, Bishop Onukak Afahaene, urged members to key into the vision of the Onyiuke-led OPGAN, expressing joy that the Federal Government had realised the need for increased oil palm production.
