Safiu Kehinde
A Local Investor, Dr. Nnaemeka Obiaraeri, has narrated how South-East government ignores designed proposal on how to boost palm oil production in the region.
The Investment Banker and Development Analyst, narrated how he had, under his Southeast Farms Initiative, tendered a proposal to the Southeast government, while speaking on This Morning Show on Arise TV earlier today.
He revealed how the initiative had approached the Southeast government on the development of 100,000 known plantations across the region with the plan of setting up factories and attracting private sector investors into the business.
“We came up with a proposal on how the Southeast government can work to develop 100,000 known plantations community-wide, with every community providing 30 to 50 hectares each.
“We (the Southeast Farms Initiative) would provide them with seedlings that grows about 30 tonnes per hectares. We even volunteered to get private sector investors.
“We would set up Cottage factories in every local government area because the Land Use Act here confers so much power.” He narrated.
When asked about the government’s response, Dr. Nnaemeka disclosed that the proposal, which was tendered since 2019, was never responded to by any of the Southeast government.
“No response because it would not offer them the opportunity to awarding contracts; inflating it 100 percent, and stealing the money.” He responded.
According to Dr. Nnaemeka, Nigeria once had 45% control of the global palm oil market, which is currently $72 billion worth in size.
He narrated how Indonesia and Malaysia had come to the country to pick seedlings for what would now become one of the vital drives of the countries’ economy, while Nigeria is off the radar.
“In 1965, Nigeria controls 45% of the global palm oil market. Today, that market is $72 billion size.
“Unfortunately, Indonesia and Malaysia come to Calabar 18 years ago to pick seedlings. Now, Nigeria is no where to be found. We consume over 2 million tonnes of palm oil. But we only produce one million, fifty thousand tonnes “ He revealed.
Also, Dr. Nnaemeka disclosed how Ghana are profiting from Cocoa production, stressing that Southwest Nigeria can gain more, providing the industry is revived.
“Last year, Ghana gained $1.5 billion dollars from cocoa. The Southwest today can actually gain three billion from cocoa” He said.