LAGOS – Some economic experts have expressed support for the Federal Government’s decision to revitalise the commercial production of oil palm and cocoa.
They unanimously agreed that the initiative would boost foreign exchange earnings and stimulate national economic growth.
They made the assertions in separate interviews with newsmen on Friday in Lagos.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said the plan to scale up commercial production of these key agricultural commodities could not be overemphasised.
“These farm produce are highly sought after internationally and remain major money-spinners in the global market.
“They are often grown organically, and companies involved in their production and trade have been recording significant profits,” Yusuf said.
“He stressed that supporting the cultivation of this commodities has become imperative in strengthening the country’s backward integrations for domestic producers.
“Our people have a comparative advantage in this cash crops and sustaining its can expedite our self reliance.
“Particularly as raw material for production and other by products,”Yusuf said.
Similarly, South West Chairman, All Farmers Association of Nigeria (AFAN), Dr Femi Oke, said the government’s decision would transform our economy.
“The government should partner with the various stakeholders in the entire value chain to ensure the plan is realisable.
“This sub sector has the capacity to create employment and empower the citizenry especially in the hinterland,”Oke said.
He stressed that government should accord more priority to the sub sector, because of its immense revenue prospect.
Oke noted that agricultural produce such as cocoa and oil palm were the backbone of Nigeria’s economy in the pre-independence era,
He said it helped regional governments to fund development programmes and maintained economic stability.
“This was even before the discovery of hydrocarbons in the Niger Delta region of the country,” he said.
Reports that the Federal Government has pledged to revitalise the commercial production of oil palm and cocoa.
Vice President Kashim Shettima made this known while declaring open the seventh edition of the Expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic in the state on Tuesday.
“President Bola Ahmed Tinubu has given a clear directive that we should plant 100 million oil palm trees across the country,” Shettima said.(NAN)
