The National Palm Produce Association of Nigeria (NPPAN) has raised alarm over drop in the price of Crude Palm Oil (CPO) and local demand in spite of their huge investments.
The group raised the alarm in a letter jointly signed by Mr Dele Olanubi, NPPAN Ambassador; Mr Bolarinwa Adetula, chairman Ondo chapter and Chief Abiodun Adejo, Oyo State coordinator.
The letter, addressed to President Muhammadu Buhari and entitled 'SOS to the Federal Government on Illegal Entry of Crude Palm Oil (CPO) into Nigeria', hinged the problem on illegal entry of CPO into the country.
It complained about rate of corruption at the borders, saying it had allowed smuggled palm oil into the country at the detriment of huge local investments.
"Many of us who heeded calls by the Federal Government in the last three years for private intervention in the oil palm industry are at the risk of losing billions invested in the sector.
"Virtually all of our businesses are at the verge of collapse because of unbridled corruption culminating in smuggled palm oil into Nigeria due to porous borders.
"Also, banks have tightened the noose around the investors over unsettled credits and loans running into billions of naira.
"The jobs of millions of Nigerians are at stake if immediate positive steps are not taken to stop illegal entry of Crude Palm Oil (CPO) into Nigeria before it is too late," the group said.