Anambra eyes N160bn annual revenue from palm oil, coconut investments

By Onome Amuge

The Anambra State government is expected to generate over N160 billion annually from palm oil and coconut investment.

Onyekachi Ibezim, deputy governor of the state, made the disclosure at the inauguration of the 2023 Farming Season recently in Awka, the state capital.

Ibezim, who represented Governor Chukwuma Soludo at the event attended by farmers from the 21 local government areas and tertiary institutions within the state, said the anticipated revenue was from one million palm seedlings and one million coconuts imported from Malaysia, South East Asia.

Commenting on the deal, he said; “We started importation of one million palm oil seedlings and one million coconut from Malaysia last year, these species have a three year 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.”.

The deputy governor 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 Ibezim, agriculture has the potential of not only creating wealth but employment opportunities for thousands of people. He added 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 therefore called on farmers across the state to show commitment to the sector, noting that the government will always support them in their activities.

Also speaking at the event, Foster Ihejiofor, commissioner for Agriculture, Anambra State, said that the state was currently promoting the “Biological Farming” practice which he described as nature’s sustainability solution.

 “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 Governor  Soludo is a sustainable agricultural system,” he said.

Ihejiofor urged farmers to embrace the new farming system, adding that 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.