Palm Oil Producers unveils plans to stabilise prices in Nigeria – Reports

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The Plantation Owners Forum of Nigeria (POFON) has devised a plan to stabilize crude palm oil prices nationwide. According to Emmanuel Ibru, Chairman of POFON and CEO of Aden River Estates Limited, the decision aims to ensure Nigerians can afford the product for their daily needs.

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Ibru stated, “Our members are trying to see what they can do this time around to try to stabilize the prices so that there is not much difference between the peak and lean seasons prices.

POFON members are working to close the gap between demand and supply, with production increasing to 1.5 million tonnes. Ibru added, “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.”

To meet local needs, Ibru emphasized the need to increase hectarage to 500,000 hectares and improve production efficiency.

“POFON is committed to ensuring stable palm oil prices throughout the year, regardless of production seasons,” Ibru said

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