Anambra targers N160bn revenue from palm oil, coconut annually

The Anambra Government says it hopes to rake in more than N160 billion yearly from ongoing palm oil and coconut investment.

Dr Onyekachi Ibezim, Deputy Governor of the state made this known while inaugurating the 2023 Farming Season at Alex Ekwueme Square Awka.

Ibezim who represented the governor at the event said the anticipated revenue was from one million palm seedlings and one million coconut being imported  from Malaysia.

“We started importation of one million palm oil seedlings and one million coconut from Malaysia last year, these species have three years 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”, he said.

Ibezim also said there is plan for irrigation of  10,000 hectares of land for rice farming at Ifite Ogwari Community, Ayamelum Local Government Area for rice cultivation.

He said that agriculture has the potential of not only creating wealth, but employment opportunities for thousands of people.

Ibezim said, it was for the abundance of opportunities in the sector that the government listed it among the priority area of investment in the 50 years development plan of the state.

He called on farmers to show commitment in the sector as the government will always support them in their activities.

Also speaking, Dr Foster Ihejiofor,  the Commissioner for Agriculture said the state is currently promoting “Biological Farming” practice  which according to him is 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 Gov. Chukwuma Soludo is a sustainable agricultural system”, he said.

Ihejiofor urged farmers to embrace the new farming system, saying ” biological farming is not just environmentally friendly, it is also economically beneficial to farmers as it reduces the cost of inputs while improving soil health, plants health, nutrients among others.

The event was attended by farmers from the 21 Local Government Areas and tertiary institutions within the state.