‘Investment in palm oil key to economic growth’

The Federal Government has identified investment in palm oil as key to sustainable economic growth capable of creating over 3.5 million jobs by 2015 in the country.

The country was the world largest producer and marketer of palm produce between 1961 and 1965, contributing 39 percent of the world production but has since lost its position to other countries in Asia due to neglect of the product.

Currently, the implementation of the Growth Enhancement Support Scheme (GES) that allows farmers to receive vital commodities like fertiliser and improved seedlings supplied to them directly is seen as part of determined efforts to revive the sector.

According to Samuel Ortom, minister of state for industry, trade and investment, who spoke in Uyo, the Akwa Ibom State capital, recently, palm produce is one of the key drivers of sustainable growth if adequate investment is made in the sector.

“We have identified oil palm as one of the important commodities and key drivers to promote, and we have intensified efforts to provide enabling environment,” Ortom said, who spoke at a three-day international conference on palm produce in Uyo, saying efforts were being intensified to “unlock the enormous potentials in the agricultural sector.”

The conference, tagged First International Palm Produce Conference, IPPC, has as its theme, “Investment in oil palm and its derivatives: A panacea for African economic growth and sustenance.”

the minister explained that within the framework of transformation agenda, the ministry of trade, had commenced the process of revitalising the industrial sector through National Industrial Revolution Plan (NIRP).

According to him, the industrial plan would result in structural shift from development agriculture to agriculture as a business venture, as the ministry is committed to making palm produce industry a lucrative business and called for collaboration from the private.

In his remarks, Governor Godswill Akpabio of Akwa Ibom State said investment in agriculture would boost employment opportunities and check youth restiveness.

Represented by Udom Emmanuel, secretary to the state government, the governor noted that his administration had created the enabling environment for partnership in the agricultural sector and called on investors to take advantage of the various programmes initiated by the state government.

By: ANIEFIOK UDONQUAK