‘Improved palm oil exploration will boost GDP’

‘Improved palm oil exploration will boost GDP’

The Chief Executive Officer of LSX Integrated Agro Processing, Leke Oluwatosin has called on the government to explore palm kernel oil processing to boost the sector’s contributions to the country’s Gross Domestic Product.

Oluwatosin disclosed this in an interview with the News Agency of Nigeria in Lagos recently.

He also harped on the viability of palm oil and its derivatives value chain in increasing the country’s agriculture revenue.

“The choice of oil palm cultivation is based on the viability and lucrative nature of the produce. In the U.S., it costs more to buy palm oil than any other oil variety.

“The export potential of oil palm, its derivatives and the entire value chain are very essential to everything we use on a daily basis,” he stated.

According to him, any country that cultivates and produces oil palm will earn more revenue, create jobs and improve its GDP.

“Nigeria used to be an oil palm production and export giant; we need to go back and explore the potential of the sector for the next generation.

“Our investments in palm kernel oil processing are based on the fact that we are not producing enough of this liquid gold.

“It is disheartening that Nigeria still imports palm oil and some of its derivatives. We still bring it in from Malaysia and Indonesia. It is really an irony,” he added.

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