Business

Oil Palm Investment Brings $531.2 Million To Edo

According to Stephen Idehenre, Edo State’s Commissioner for Agriculture and Food Security, the state has received $531.2 million from nine oil palm companies under the state’s oil palm program.

On Thursday, Mr Idehenre announced this at the start of the 2022 agricultural season at the FOARE Mushroom Production Centre in Benin.

The state oil palm program, he explained, was established to provide chances to major, medium, and small investors in the oil palm sub-sector.

He also stated that the scheme has awarded 62,000 hectares of land to investors.

“By 2030, the initiative is estimated to contribute more than 1,000,000 metric tons to local oil palm output, creating more than 200,000 employment across the oil palm value chain.”

“In 2021, crop enterprise provided 22,272 employment, while project operations supported 1,093 rice, cassava, and catfish producers,” according to the report.

“For the farmers, 1,050 hectares of land were also developed. “In the 2022 farming season, this number will be increased,” he stated.

According to him, the state is making steady development in agriculture, which will cement the sector’s position as a vital economic pillar for creating jobs and income.

“We are drawing enough values,” the commissioner stated, “to support the choice to make the sector one of the foundations of the state’s Make Edo Great Again (MEGA) plan.”

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