The Plantation Owners Forum of Nigeria (POFON) said it has discovered a means to stabilise the prices of palm oil products in the country despite the biting high cost of living.

Chairman of POFON, Emmanuel Ibru, disclosed this in a chat with newsmen after the forum’s meeting in Benin City.

The forum stated that the decision was to ensure that citizens are able to buy the product for their daily use.

Ibru, who is also the Chief Executive Officer (CEO) of Aden River Estates Limited, an agro-industrial subsidiary of Ibru organisation, said the prices for the cooking palm oil would be stabilised throughout the year-round in the country irrespective of the production seasons.

According to him, just as the Nigeria governments are working to stabilise the country’s economy, so also is the interest of POFON to make sure that prices of palm oil remain stable.

“In Nigeria we have two seasons for palm oil. When it is peak season, the prices will go down and when it is lean season, the prices will go up. Our members are trying to see what they can do this time around to try to stabilise the prices so that there is no much difference between the peak and lean seasons prices.

“POFON and its members have resolved this year to try and ensure that we maintain a stable price in the commodity even throughout the off-peak.

“We are not unaware of the inflationary trends. We know that the cost of inputs is going up but despite that, it is also our duty to ensure that we maintain a satisfactory price profile in the market.

According to him, members are also investing in expanding their plantations geared towards increasing their capacity to meet the local demands in the Nigeria market.

“There is no doubt that there is still a gap in the supply and demand of palm oil in Nigeria, but POFON and its members over the last 10 and 15 years have made tremendous efforts to increase the production of oil palm in the country.

“Some new players have come in, the traditional large holders such as Presco and Okomu have continued to invest and expand their plantation holdings while new players such as Dufil, Saro Africa and others have come into Edo state.

“Saro Africa has developed the essence of 20,000 hectares in Edo State, Wilmar has just acquired the shareholding of PZ Wilmar from their former joint partner and are in the process of developing yet another 8,500 hectares, that will bring their holdings in Nigeria to close to 50,000 hectares,” he stated.