By Daniel Edu

The CEO of LSX Integrated Agro Processing, Leke Oluwatosin, has emphasized the importance of government investment in palm kernel oil processing to stimulate the agricultural sector’s contribution to Nigeria’s Gross Domestic Product (GDP).

In a recent interview with the News Agency of Nigeria in Lagos, Oluwatosin highlighted the profitability of palm oil and its derivatives value chain in bolstering the country’s agricultural revenue.

“The choice to cultivate oil palm is based on the viability and profitability of the crop. In the United States, palm oil is more expensive than any other variety of oil. The export potential of oil palm, its derivatives, and the entire value chain is crucial to our daily needs,” he explained.

Oluwatosin asserted that countries engaged in oil palm cultivation and production stand to generate more revenue, create employment opportunities, and improve their GDP.

“Nigeria used to be a leading producer and exporter of palm oil; we need to rediscover the sector’s potential for the benefit of future generations. Our investments in palm kernel oil processing are driven by the fact that we currently do not produce enough of this valuable resource,” he remarked.

“It is disheartening that Nigeria still imports palm oil and some of its derivatives, sourcing them from Malaysia and Indonesia. This situation is truly ironic,” he added.