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Edo, CBN Commit N69bn to Oil Palm Development

To explore opportunities in Edo State’s rich oil palm sector, the state government in partnership with the Central Bank of Nigeria (CBN) have provided a N69 billion facility to stakeholders for oil palm development.

According to the state government, stakeholders in the oil palm industry will convene during the Alaghodaro summit scheduled to hold between November 12 and 14, 2021, to access the facility.

Speaking at the summit, Chairman, Marketing and Branding Sub-Committee, Alaghodaro 2021, Crusoe Osagie said the initiative was to show the government’s commitment to harnessing the state’s rich human and natural endowments to achieve economic growth and wellbeing of citizens.

He said, “As part of the government’s commitment to rejuvenate the oil palm sector for global competitiveness, knowing its economic use to the state and country, the state launched the N69bn-Edo State Oil Palm Programme (ESOPP) in partnership with the Central Bank of Nigeria (CBN).”

“We have also continued to support the investors with the provision of land and a peaceful, secure and business-friendly environment to boost their investment.”

Osagie noted that the summit themed “Edo of Our Dreams: Building a Sustainable Future,” which is in its fifth edition has proven to be one of the most strategic and high-impact discourses on investment in the country, as it has helped to crystalise several investment decisions.

“This year’s edition promises to be even better as it will be providing a forum for investors in the oil palm sector to tap into the N69bn fund facility, knowing the economic impact on their businesses.

“Already, the state is collaborating with PRESCO Plc on the development of high yielding oil palm seeds, through a technology called in-vitro culture that it intends to establish in Nigeria. This and many more will be the focal point of this year’s Alaghodaro Summit,” he added.

The post Edo, CBN Commit N69bn to Oil Palm Development appeared first on AgroNigeria.

Sourced from Agro Nigeria

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