Nigeria could earn N8bn annually from palm oil-Minister

Date: 31-08-2012 1:15 pm (11 years ago) | Author: AYORINDE MAYOWA
- at 31-08-2012 01:15 PM (11 years ago)
(m)
Nigeria could be making at least N8 billion annually if it had maintained its market share of palm oil production from what it had in the 1960s, Minister of Agriculture and Rural Development, Dr Akinwumi Adesina has said.
 The minister said this yesterday during the signing ceremony of an agreement between government and eighteen palm oil plantation farmers, marking the formal take off of the 2012 estate component of activities of the palm oil value chain.

Adesina said “instead of fighting over crude oil, today it is about going back to reclaim our dominant role in the market as well as palm oil is concerned. The initiative is in line with governments efforts to enable private sector lead agricultural transformation”.

The participating palm oil plantation estates which span across eleven states includes: Kogi, Edo, Ondo, Delta, Cross River, Ogun, Akwa Ibom, Bayelsa, Abia, Osun and Enugu. The farmers are to get not less than 500 hectares of land concessions to plant in 2013.

Akinwumi explained that government’s Agricultural Transformation Agenda, plans to support the production of 240,000 hectares in the next three years by small holder farmers and estates, and has set a target of raising 9 million improved “tenera  sprouted nuts into mature seedling for the establishing of 60,000 hectares in 2013”.

He said “Nigeria accounted for 27 percent of the global market of palm oil in 1961.Our production declined from 167,000 metric tonnes in 1961 to 25,000 metric tonnes by 2008. In the same period global palm oil expanded from 629,000 metric tonnes in 1961 to 33.3 million metric tonnes.”

The minister lamented that Malaysia which is the second largest palm oil producing country, second to Indonesia, collected its first improved nuts from Nigeria and now earns 18 billion dollars annually from palm oil production.

Posted: at 31-08-2012 01:15 PM (11 years ago) | Upcoming
- mallorca at 31-08-2012 01:17 PM (11 years ago)
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Posted: at 31-08-2012 01:17 PM (11 years ago) | Addicted Hero
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