The Palm Oil (CPO) sector is currently facing a significant challenge, due to restriction on inter-state movement and smuggling of the produce, despite closure of all land borders. The Chairman, Okomu Oil Palm, Gbenga Oyebode, who said this during the company’s 40th Annual General Meeting (AGM) reports and accounts presentation for the year 2019, held in Lagos, said 2019 was dominated by the immense surge in illegal imports of olein, which led to the log jamming of all sectors of the oil palm pipeline for nearly two quarters. “No replanting took place in 2019, but 181ha of palm was newly planted in Extension 2, which completed the total area to be cultivated on this plantation. Total agricultural palm plantation costs for the year were 11 per cent higher than for 2018. “Costs of CPO production from the oil mill were two per cent higher than 2018’s production, due to increased preventative maintenance costs, whilst oil extraction rates averaged approximately 22.19 per cent, this being around three per cent higher than for the same period 2018.

Source: The Guardian June 07, 2020 04:17 UTC