The Minister of Agriculture and Rural development, Dr. Akinwumi Adesina, has described as unacceptable the abuse of the 75% Duty Rebate incentive approved for oil palm operators in the Free Trade Zone (FTZ).
Dr. Adesina expressed his displeasure when he received members of the Plantation Owners Forum of Nigeria (POFON), Oil Palm Growers Association of Nigeria (OPGAN) and National Palm Produce Association of Nigeria (NPPAN) recently in Abuja.
A statement by Tony Ohaeri, Director of Information in the ministry, disclosed that the Minister observed that lack of effective monitoring had created opportunity for some companies to misuse the Free Trade Zone but promised to work with his colleague ministers to put a stop to the unwholesome practice.
Dr. Adesina commended members of the three associations for their huge investments in agriculture and encouraged them to increase their Crude Palm Oil (CPO) with a promise to totally support domestic investment.
Earlier, the Convener of the meeting, Executive Secretary of Plantation Owners Forum of Nigeria, Mr. Fatai Afolabi, explained that 75% rebate is inconsistent with government policy and should be seen as a threat to the Agricultural Transformation Agenda (ATA) programme of the ministry.
He sought for the speedy intervention of the minister in view of the shrinking market for local producers.