Letter to World Bank President Zoellick Requests a Halt to Palm Oil Investment Freeze
LAGOS, Nigeria, Oct. 6 /PRNewswire-USNewswire/ -- In advance of the World Bank and IMF Fall Meetings, the Initiative for Public Policy Analysis (IPPA) wrote today to World Bank President Robert Zoellick in defense of African farmers and workers in the palm oil sector, calling the Bank's efforts to draw up a new framework on the crop a shortsighted condemnation of developing countries from those in the developed world.
The letter points to the importance of palm oil in two major ways: job creation and food production, two initiatives that align with the ideals of the World Bank. In Nigeria alone, 1.8 million jobs are provided by palm oil producers and smallholder farmers. IPPA's latest study shows that palm oil is an essential food item, with about 90 percent ending up in food products.
The letter was signed by leading Africans, including:
- George Ayittey, Global Cheetah Palm Oil Company (Ghana)
- Thompson Ayodele, Initiative for Public Policy Analysis (Nigeria)
- Eustace Davie, Free Market Foundation for Southern Africa (South Africa)
- Paul Adepelumi, African Center for Advocacy and Human Development (Nigeria)
- Richard Tren, Africa Fighting Malaria (South Africa)
- Franklin Cudjoe, IMANI Center for Policy and Education (Ghana)
- Rejoice Ngwenya, Coalition for Market and Liberal Solutions (Zimbabwe)
- Olusegun Sotola, Initiative for Public Policy Analysis (Nigeria)
The letter says, "We believe the surest way to cut poverty and protect our natural environment is by raising living standards and creating economic prosperity in poor countries. By cutting off much needed funding for palm oil producers, the World Bank threatens to generate poverty and economic dependency, instead of reducing it, a strategy which goes against the very ideals of the institution."
The Initiative for Public Policy Analysis (IPPA), the 2005 award-winning organization, is Nigeria's public policy research institute or think tank. Its major concern is with the principles and institutions that enhance economic development and wealth creation, with particular focus on Africa and Nigeria.
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Address: 9A, Adekunle Odunlami Street, Off Aina George, Ilupeju, Lagos, Nigeria
Phone: +234-1-791-0959, +234-(0)80-2302-507 / URL: www.ippanigeria.org
SOURCE Initiative for Public Policy Analysis (Nigeria)