Nigeria wants to devote 47,000 hectares to the date palm

Published May 9, 2024

Tridge summary

Nigeria, the continent's largest crude palm oil producer, is planning to further boost its production by developing an additional 47,000 hectares of palm plantations in Edo State, as part of the second phase of the Edo State Oil Palm Program (ESOPP). This initiative, which has already secured $500 million in investments, aims to stimulate direct investments in the establishment and operation of new palm groves, with provisions to mitigate risks for investors. Edo State, which accounts for about 12% of Nigeria's national palm oil supply, is seeking to strengthen its leadership role in the industry and meet the country's increasing demand for crude palm oil. The USDA anticipates Nigerian production to reach 1.6 million tonnes in 2024/2025.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

To increase its already substantial production of crude palm oil, Nigeria, Africa's largest producer, is implementing strategic initiatives to exploit its underutilized agricultural potential. Edo State Governor Godwin Obaseki on May 7 announced ambitious plans to develop palm plantations on an additional 47,000 hectares, seeking to attract substantial investment in the lucrative crop. These new palm groves are a continuation of the second phase of the Edo State Oil Palm Program (ESOPP), a project launched in 2019 which has already made it possible to plant more than 70,000 hectares of oil palm trees. This initiative mobilized investments totaling $500 million, illustrating the local government's commitment to agricultural development. According to Governor Obaseki's statements, this phase of the program is not simply a land acquisition project but rather aims to stimulate direct investments in the installation and operation of new palm groves. It also includes support measures ...
Source: Agrimaroc
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