• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

      Finance

      Cautious equities trading see gains in Flour Mills, Mobil, Wapco push market cap to ₦21.09trn

      January 15, 2021

      Finance

      CBN issues guidelines for QR codes operation in Nigeria

      January 15, 2021

      Finance

      Global Equities: Positive sentiment buoys global markets’ performance on vaccine rollout, Biden confirmation

      January 13, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Technology

      Africa data centre market to outpace $3bn by 2025, says Turner & Townsend

      10 hrs

      Commodities

      Wheat soars as Russia considers export tax

      10 hrs

      WORLD BUSINESS & ECONOMY

      Only 20% of UK financial services professionals believe firms possess ethical commitment

      January 16, 2021

      Frontpage

      Moody’s sees negative 2021 outlook for sub-Saharan Africa, with severe economic challenges

      January 15, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      NNPC receives $120.49m crude oil receipt in September  

      21 hrs

      Frontpage

      NNPC moves to rehabilitate downstream infrastructure, openscontract bids

      January 15, 2021

      Companies

      Ardova enters acquisition talks with Enyo as part of expansion drive  

      January 15, 2021

      Oil and Gas

      NNPC reaffirms commitment to OPEC+ agreement   

      January 15, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Commodities

Group calls for new business model in palm oil production in Africa

August 21, 2019536 views0 comments

Kenneth Afor

Key players and stakeholders in the continent’s palm oil industry have resolved that in other to increase the production of palm oil in Africa, there is need for member countries, companies in palm oil production to convert their business operating models from import base to export base services so as to meet up with the increasing demands of the palm oil value chain.

This was decided at the third sustainable palm oil conference during a roundtable on sustainable palm oil (RSPO) and proforest, held in Lagos.

Palm oil production in Africa is carried out by 70 percent of smallholder farmers but a shortfall of 30 percent output is realised from the overall production due to lack of support from relevant authorities.

Read Also:

  • Dangote to expand manufacturing into Central Africa to boost cement production
  • Stringent regulations, business environment forced Stanbic IBTC out of…
  • FIRST E&P faces CSR headwinds in Bayelsacommunities, ahead OMLs 83, 85…
  • Africa: Economic Year in Review 2020
  • Africa opens world’s largest single market (3)

Speaking at the conference, Godwin Obaseki, governor of Edo state, urged delegates to be totally committed towards the production of the produce to make it a sustainable venture.

He said, “If you are not part of the solution, then you are part of the problem. Let me congratulate all of you here today, for demonstrating your commitment to a solution, it is in the interest of all of us in Africa to make sustainable palm oil the norm.”

For centuries, palm oil has been a veritable household name in the country and now that economies are looking inward on how to boost its GDP, Africa cannot afford to neglect the palm oil sector.

Salahudin Yaacob, assurance director, RSPO called on member countries and delegates to focus on the sustainable path of palm oil production.

He said, “RSPO can only achieve its vision of transforming markets to make sustainable palm oil through collaboration with all the stakeholders from growers to governments and financial institution to NGOs.”

Abraham Baffoe, Africa regional director, Proforest, reiterated the group’s commitment on sustainable environment for the palm oil industry.

He said, “a sustainable oil palm industry in Africa is something we are deeply committed to – and it is wonderful to have so much interest from companies and other stakeholders. We look forward to seeing these connections deepen as a result of this conference, as we all work together towards an industry which contributes to the economic development of African countries, whilst preserving the crucially important biodiversity of the region.”

Not only did the body focused on turning around the fortune of the palm oil industry in the continent, it has included strategies to improve soil quality in boosting the yield of the produce during its forthcoming general assembly in November as well setting up standard remuneration of Smallholders farmers called; Decent Living Wage Guidance.

Addressing this was Robert Fagans, deputy minister for Agriculture, Liberia.

He said, “Working with smallholders to improve their yields through sustainable farming methods is critical for palm oil growth in Liberia.

Share on Facebook Tweet Email
Tagsbusiness model palm oil production in Africa
PreviousNigeria’s finance minister gets more influential with control over budget
NextSylva, Nigeria’s new petroleum minister, pledges to reposition industry

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Africa data centre market to outpace $3bn by 2025, says Turner & Townsend
  • Wheat soars as Russia considers export tax
  • Tizeti expands coverage to Edo, introduces low-cost unlimited 4G services
  • NNPC receives $120.49m crude oil receipt in September  
  • Sachet Culture: Fueling consumer buying behaviour or pollution?

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Nigerian stocks index crashes below 40,000bps on sustained sell-offs

Frontpage May 24, 2018

1
2

Citigroup analyst sees oil selling at $60 per barrel by year-end

Frontpage July 10, 2017

3

Oil up after drone attack on Saudi field, but OPEC report caps gains

Frontpage August 19, 2019

4

Nigeria bourse stays positive, gives investors N224bn as equities maintain attraction

Frontpage November 26, 2020

5

Nigeria, South Africa, others seek debt relief from World Bank

Frontpage April 2, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.