The Federal Ministry of Agriculture and Food Security has announced that the government is developing a new policy aimed at strengthening palm oil production and reducing Nigeria’s over-dependence on the importation of the product.

Minister of Agriculture and Food Security, Abubakar Kyari, stated that the initiative is expected to generate $500 million in annual import savings, revive the palm oil sub-sector, and promote food sovereignty in the country.

In a message delivered at a workshop organised by the ministry in collaboration with key stakeholders in the palm oil industry, the Minister said the proposed policy and programme would provide institutional coordination and policy support for agriculture-linked manufacturing and large-scale plantation development across the project’s operational areas.