A US oil barrel is about 159 litres.
Crude oil per barrel is around $ 40 presently
which is about N16,000 (using parallel market
exchange rate).
A 25 litre of palm oil in Akwa Ibom state (a
state with abundant palm trees) costs about N7000 at peak periods. This means 159 litres
would roughly cost N44,000 (a price per
barrel of palm oil)
Subtracting the cost of processing, we could
still get nothing less than N30,000 per barrel
which is about N14,000 above the price of
crude oil per barrel.
Considering this and the high rate of
employment that would be generated through
farming and processing of palm oil, wouldn't it
be reasonable for us to divert to our resources to palm oil
instead of crude oil?
Imagine what Nigeria is losing. Crude oil isn't
the best resources we possess.
Let us think agriculture for sustainable
economic growth and prosperity.
God bless Nigeria!

if wishes were horses, beggars would ride.