The Nigerian Export Promotion Council (NEPC) has announced that it will partner with the Akwa Ibom State Government to develop and promote palm oil products for exports.
This was disclosed by the Executive Director and Chief Executive Officer, NEPC, Mr Olusegun Awolowo, in a meeting with stakeholders on building a palm oil value chain in Akwa Ibom, on Thursday.
The NEPC boss disclosed that agriculture’s contribution to GDP fell by as much as 25% in the Q1 GDP report of 2020, and urged for states to adopt the One-State One-Product programme.
The NEPC said that Akwa Ibom’s palm oil industry had a higher comparative advantage compared to any other state in the Niger Delta, and urged for collaboration with stakeholders to kick-start a proper value chain maximization for export.
“Without gainsaying, there has been a tremendous increase in the global demands for oil palm from 1.2 million metric tonnes in 1964 to over 73.3 million metric tonnes in 2018,” he said.
“Regrettably, Nigeria that used to be a leading producing country in the 1960s is presently ranking fifth in production due to protracted neglect by the government.
“It is important, therefore, to engage the value chain players from time to time to address these challenges so that we can grow the export of this product in Nigeria.
“In this regard and as one of the leading producers, we expect Akwa Ibom State to play a leading role in the coming years,” he added.
What you should know
- Nairametrics reported that Non-oil exports, which are considered a priority for the Buhari-led government, jumped over 100% from $4.6 billion to $10.4 billion in 2019.
- The Nigeria Export Promotion Council (NEPC) disclosed that the FG had identified about 22 non-oil strategic products that would be exported to diversify the nation’s foreign exchange earnings away from oil.
- Some of the targeted products include palm oil, cashew, cocoa, soya beans, rubber, rice, petrochemical, leather, ginger, cotton and Shea butter, tomato, banana, and plantain.
- Meanwhile, the president of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, estimated that the size of the food and agriculture market in Africa would rise to over $1 trillion by 2030.