Palm oil sector can grow Nigeria’s economy by $1bn — Minister

Niyi Adebayo Minister of Trade, Industry and Investment, has urged investors to take advantage of the palm oil subsector which he said has a market opportunity of about USD1 billion.

The minister also announced plans by the Federal Government to collaborate with investors to implement a backward integration programme across key selected priority products to include palm oil, sugar, cassava starch, cotton textiles and garments.

Adebayo disclosed this on Thursday, during his address at the second Andersen Africa-Europe Bridge Conference held virtually.

On cassava starch, he said while Nigeria remains the largest producer in the world, the Minister said a significant domestic supply gap existed with more than 95 per cent of cassava starch still being imported