{"id":19056,"date":"2019-12-18T19:17:16","date_gmt":"2019-12-18T19:17:16","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=19056"},"modified":"2019-12-18T19:17:16","modified_gmt":"2019-12-18T19:17:16","slug":"cbn-issues-warning-to-palm-oil-investment-saboteurs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs","title":{"rendered":"CBN issues warning to palm oil investment saboteurs"},"content":{"rendered":"

The Central Bank of Nigeria on Tuesday warned that it would suspend accounts of anyone hiding under the ECOWAS Trade Liberalisation Scheme to sabotage the federal government\u2019s investment in reviving the palm oil sector.<\/p>\n

CBN Governor,\u00a0Godwin Emefiele<\/a>, also threatened that accounts of corporate entities including their cronies and supply chain enablers involved in smuggling palm oil and its products into the country would also be suspended.<\/p>\n

While speaking at inauguration of the Edo oil palm programme in Benin, Emefiele stated that the Nigerian palm oil industry was at a crossroads, adding that the economy continued to be threatened by inadequate local production and continued reliance on imports.<\/p>\n

He noted that the\u00a0CBN<\/a>\u00a0under its Oil Palm Development and Expansion Initiative, had so far disbursed over N30 billion to the oil palm sector.<\/p>\n

According to him, the disbursement was being monitored to ensure efficient and effective utilisation and maximum output while oil majors and apex associations are being encouraged to adopt the Out-Grower Scheme.<\/p>\n

\u201cThe journey to revive the oil palm sector began with the discovery that over $500 million of our scarce foreign exchange was being expended on the importation of palm oil to meet identified unmet demand gap of 1.25 million metric tons.<\/p>\n

\u201cThe country\u2019s total domestic palm oil demand and consumption stood at 2.5 million with local production capacity of 1.25 million metric tons only,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria on Tuesday warned that it would suspend accounts of anyone hiding under the ECOWAS Trade Liberalisation Scheme to sabotage the federal government\u2019s investment in reviving the palm oil sector. CBN Governor,\u00a0Godwin Emefiele, also threatened that accounts of corporate entities including their cronies and supply chain enablers involved in smuggling palm […]<\/p>\n","protected":false},"author":62,"featured_media":3212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,847],"class_list":["post-19056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-ecowas"],"yoast_head":"\nCBN issues warning to palm oil investment saboteurs - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria on Tuesday warned that it would suspend accounts of anyone hiding under the ECOWAS Trade Liberalisation Scheme\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN issues warning to palm oil investment saboteurs\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria on Tuesday warned that it would suspend accounts of anyone hiding under the ECOWAS Trade Liberalisation Scheme\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-18T19:17:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/01\/CBN-1062x598.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1062\" \/>\n\t<meta property=\"og:image:height\" content=\"598\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"CBN issues warning to palm oil investment saboteurs\",\"datePublished\":\"2019-12-18T19:17:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\"},\"wordCount\":236,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/01\/CBN-1062x598.jpg\",\"keywords\":[\"CBN\",\"ECOWAS\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-warning-to-palm-oil-investment-saboteurs\",\"name\":\"CBN issues warning to palm oil investment saboteurs - 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