Olivia Wilson
Wed, Sep 13, 2023 3:50 PM

Edo State Government Drives Investment in Oil Palm to Boost Economy

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Edo State Government Drives Investment in Oil Palm to Boost Economy
Edo State Governor, Mr. Godwin Obaseki, has emphasized the government's efforts in driving investment in the oil palm sector to strengthen the agricultural value chain and enhance the economy of the state. With over 70,000 hectares of new lands allocated to investors for oil palm cultivation, the government aims to attract substantial investments and transform the entire agricultural industry. This strategic initiative is expected to create significant job opportunities and contribute to the economic growth of Edo State.

The Edo State Governor, Mr. Godwin Obaseki, has said his government has in the past seven years undertaken an aggressive oil palm development project to drive investment across the entire agricultural value chain and boost the economy of the State.

In a recent interview in Benin City, Governor Obaseki highlighted the significance of oil palm as an indigenous product with immense potential for economic growth. He cited successful examples from countries like Malaysia and Indonesia, which have transformed their economies through oil palm cultivation.

Comparing oil palm to other agricultural products, Governor Obaseki emphasized the abundant yields and profitability of oil palm, making it an attractive investment opportunity. "For us, that's the reason why we've been very keen on using oil palm as an agricultural product to attract huge investments," he noted.

To achieve the government's investment goals, Governor Obaseki highlighted the importance of mechanization and skill development in the agricultural industry. The government has allocated over 70,000 hectares of new lands, providing opportunities not only for increased cultivation but also for the acquisition of agronomic and other farming-related skills.

The governor stressed that attracting investments in oil palm would have a ripple effect on the entire agricultural sector, leading to its overall development. He said, "If we are able to bring in investment for oil palm, then we have brought in the business and investment to develop the entire agricultural sector."

Under the leadership of Governor Obaseki, the Edo State Oil Palm Programme (ESOPP) was established to drive the production, protection, and rehabilitation of the oil palm sector. With a focus on job creation, livelihood enhancement, and sustainable forest management, the program has attracted more than $500 million in investments.

Edo State has now become the proud home of the largest oil palm plantation program in Africa. Major companies such as Dufil, Saro Africa, Presco, Okomu, and other new entrants have contributed to the rapid growth of the sector, further solidifying Edo's position as a key player in the oil palm industry on the continent.

The investment in oil palm not only brings economic benefits but also creates numerous job opportunities. Governor Obaseki highlighted the potential job creation by stating, "Assuming for each hectare, you need 50 people to cultivate it, at 70,000 hectares, you already have how many jobs?" This demonstrates the immense scope for employment generation through this agricultural investment.

The success of the oil palm development project in Edo State showcases the government's commitment to driving the agricultural sector's growth and diversification. With the establishment of robust partnerships and the implementation of strategic initiatives, Edo State is poised to become a major player in the global oil palm industry while boosting its economy and improving the lives of its people.

Source of content: OOO News 2023-09-13 News

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