Forex earnings: Accelerate diversification of the economy, Senate tells Executive

The Senate on Tuesday urged the Executive arm of the Federal Government to accelerate its policies on the diversification of the economy to improve the country’s foreign exchange earnings.

The call was made in resolutions reached by the Senate following consideration of a motion on the “Urgent need to revive the Palm Oil industry in Nigeria”, sponsored by Senator Francis Onyewuchi (PDP, Imo East) and co-sponsored by 15 other senators.

Resuming to plenary after a 2-month recesss on Tuesday, the lawmakers urged an improved palm oil production to meet the domestic needs of the market, as well as revive the moribund Nigerian Institute for Oil Palm Research (NIFOR) in Benin, Edo State.

The motion to revive NIFOR seeks to improve investment in research and production of quality oil palm seeds.

The upper chamber said that the discovery of crude oil in commercial quantity has resulted in the gradual neglect of agriculture by successive governments.

According to Senator Onyewuchi, “Nigeria spends $500 million on oil palm importation annually despite being the largest producer and exporter of the product in the 50’s and 60’s.”

He added, “The country is now the net importer of palm oil, importing 400,000 – 600,000 metric tonnes of palm oil in order to meet local demand.”

In his contribution to the debate, the Senate Leader, Senator Yahaya Abdullahi, bemoaned the lack of discipline and implementation in the agricultural sector.

Abdullahi said, “Until this is done, there can be no meaningful development to be achieved economically from the sector.”

In his remarks, President of the Senate, Ahmad Lawan, underscored the need and importance to finance the growth of the agricultural sector in Nigeria.

“In 2005, I was Chairman, House Committee on Agriculture. We funded the Institutes; 22 of them and they did very well. I agree completely that we have not been funding these institutes.

“So, if we need an economy that will work for everyone, then we must invest in the agricultural sector.

“Our committee should engage with the MDAs. So that at the end of the day, we can contribute meaningfully to take agriculture to the next level, the Senate President said.

Meanwhile, two bills the Nigerian Transportation Accident Investigation Bureau (Est, etc) Bill, 2019 and Criminal Code (Amendment) Bill, 2019, passed their first reading in the Senate on Tuesday.

The Nigerian Transportation Accident Investigation Bureau (East, etc) Bill, 2019 (SB.1) was sponsored by Senator Bala Ibn Na’allah(Kebbi South) while the Criminal Code Act (Amendment) Bill, 2019 (SB,2) was sponsored by Senator Oluremi Tinubu (Lagos Central).