Nigeria generates $150m from coconut oil

Published 2021년 4월 9일

Tridge summary

In 2020, Nigeria's agricultural exports earned $150 million from coconut oil and its derivatives, as reported by the country's Minister of Agriculture and Rural Development, Sabo Nanono. This figure is expected to surpass $250 million in 2021, contributing significantly to the non-oil foreign exchange earnings of the country. The ministry is collaborating with the Nigerian Institute for Oil Palm Research to enhance coconut production, which has seen a substantial increase in demand. The training event was held to capacity build and empower women and youths in the sector. The head of the Edo Investment Promotion Office has expressed interest in the potential of coconut production to diversify the economy and create new opportunities.

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Original content

Minister of Agriculture and Rural Development Sabo Nanono says Nigeria generated 150 million dollars from the export of coconut oil and its derivatives in 2020. Nanono said this on Wednesday during the training of coconut farmers organised by the Federal Ministry of Agriculture and Rural Development (FEMARD) in collaboration with Nigerian Institute for Oil Palm Research (NIFOR) in Benin. The minister, represented by Mr Bernard Ukattah, Deputy Director, FEMARD, said that coconut was a major non-oil export foreign exchange earner for Nigeria. He explained that coconut provided livelihood for more than 500,000 families, mostly women and youths in the country. Nanono noted that coconut accounted for 10 per cent of the nation’s agricultural exports, adding that it was expected to generate more than 250 million dollars by 2021. “As a result of the awareness of its value and degree of uses, Nigeria has in recent times, increased the volume of production of coconut to average of 250,000 ...

Source: Leadership