The House of Reps has made a call to the Federal government to encourage the large scale production of palm oil for exportation in order to boost the nation’s foreign exchange reserves.
Rep. Emmanuel Akpan from Akwa- Ibom moved a motion titled ”˜Need for Revival of Large scale production of palm oil in Nigeria’. He further stated that in view of the country’s economic meltdown, there was an urgent call for the country to diversify into other sectors like agriculture, especially palm oil as there was an increased demand for the product globally and this would earn the country income.
Also, he stated that it was a means of providing employment for the youth and improving the foreign exchange reserves.
Rep. Kanike from Kwara admonished the government to develop the production of cash crops to reduce the rate of unemployment in the country. The use of cash crops was of great importance as many useful substances like soap can be made out of its produce.