• Thursday, April 25, 2024
businessday logo


Anambra targets N160bn revenue annually from palm oil, coconut

Nigeria’s palm oil imports from Malaysia surge 34% in 2023

Anambra State government has planned to generate over N160 billion yearly from palm oil and coconut investment.

Onyekachi Ibezim, deputy governor of the state, made the disclosure during his inauguration of the 2023 Farming Season in Awka.

Ibezim, who represented Gov. Chukwuma Soludo at the event, said the anticipated revenue was from one million palm seedlings and one million coconuts imported from Malaysia.

“We started importation of one million palm oil seedlings and one million coconut from Malaysia last year, these species have three years maturity period.

“When this investment fully matures, the off-takers will be processing the fruits of these plants and over N160 billion will be yearly income from this window,” he said.

Ibezim also said that there was a plan for irrigation of 10,000 hectares of land for rice farming at Ifite Ogwari community, Ayamelum Local Government Area of the state.

According to him, agriculture has the potential of not only creating wealth but employment opportunities for thousands of people.

Read also: First Bank, SMEDAN partner to offer SMEs financial, other support

Ibezim said that it was for the abundance of opportunities in the sector that the government listed it among the priority areas of investment in the 50 years development plan of the state.

He called on farmers to show commitment to the sector as the government will always support them in their activities.

Also speaking, Foster Ihejiofor, commissioner for Agriculture, said that the state was currently promoting the “Biological Farming” practice which according to him is nature’s sustainability solution.”

According to him, “As we all know farming is not about producing food; it is about preserving our environment and ensuring the sustainability of our food system.

“Biological farming aka, zero budget, carbon farming or regen-Ag launched in 2022 by Gov. Soludo is a sustainable agricultural system.”

Ihejiofor urged farmers to embrace the new farming system, saying ” Biological farming is not just environmentally friendly, but economically beneficial to farmers as it reduces the cost of inputs while improving soil health, plant health, nutrients among others.

The event was attended by farmers from the 21 local government areas and tertiary institutions within the state.