IN a bid to bolster Nigeria’s oil palm sector for global competitiveness, the Central Bank of Nigeria (CBN) has invested N69 billion in the Edo State Oil Palm Programme (ESOPP), an agricultural intervention of the Edo State governor, Godwin Obaseki.
ESOPP, an innovative platform was initiated by the Edo State Government to harness the state’s rich oil palm heritage, in a bid to diversify the local economy, create jobs, and increase productivity in a sustainable manner.
Governor of the apex bank, Mr. Godwin Emefiele, who was present at the launch of the project in Benin City, dubbed Edo state the nation’s largest oil palm plantation. He indicated that the state was the safest haven for oil palm investment if Nigeria seeks to become a leading producer of the commodity in the globe.
In his remarks, “Edo State has the largest oil palm plantation in Nigeria and in reviving the oil palm industry in Nigeria Edo State is the best place to start. The CBN has disbursed about N30 billion to entrepreneurs in the oil sector in the last one year, and out of that amount, about N25 billion has been channeled to support companies into oil palm plantation in Edo State.”
Lauding Obaseki’s drive towards the development of the country’s oil palm sector, Emefiele revealed that the CBN would make available a N69 billion funding facility required for the ESOPP.
