The Edo State Governor, Mr. Godwin Obaseki, has said that the state is ready to fill at least 20 percent of Nigeria’s oil palm market gap with the influx of investment into the state through the Edo State Oil Palm Programme (ESOPP).
The governor, who said this in a chat with the Africa Report, a business magazine, noted that the state government focused on developing oil palm plantations because it has a competitive edge in the cash crop due to years of hosting two companies listed on the Nigerian Stock Exchange, namely Okomu Plc and Presco Plc.
He said, “One of my campaign promises was to create jobs. With my background as an investment banker, given the uncertainties of the Nigerian economy, it was clear that we needed to pursue diversification.
“With a growing population, one way to diversify and create employment was to send out youths back to farm and ensure food security.”
He said the government is prioritizing agriculture by ensuring access to land and extension services in order to increase production, adding, “this led to the establishment of the Edo State Oil Palm Programme (ESOPP).”
He said, “Nigeria has a supply gap of CPO and other products from oil palm. This has led to importation of these feedstock for many companies.
“There is a supply gap of about 650,000mt, which can be closed by cultivating about 350,000 hectares of oil palm plantation. In Edo, through ESOPP, we have already started cultivation of 70,000 hectares and will add another 20,000 hectares soon. That means we are filling the gap by 20 percent, with about 100,000 hectares.”
The governor said that the state is eager to share its experience in accessing finance and improving access to land with other states so that this would enhance local capacity to fill the gap and also speed up economic diversification in Nigeria.
