News in brief: The Ondo State government is constructing an oil palm factory to boost revenue, create 5,000 jobs, and promote agricultural development.
Ondo State government has commenced the construction of an oil palm factory in the state. Disclosing this to journalists, the stateâs Senior Special Assistant on Agriculture and Agric-business, Akin Olotu, said the factory would boost revenue and create of 5,000 jobs.
Olotu noted the governmentâs resolve to commit to the development of agriculture in the state. He remarked on the significance of the sector in creating employment opportunities, especially for youths.
The government’s aide further revealed that the factory would possess the capacity to produce 720 metric tons of palm oil daily. Its inauguration date has been set for a ‘few months’ later in 2023.
The project is expected to create opportunities for agric-entrepreneurs, and other ancillary workers. It has been described as a ‘big success’ for the state because of the revenue-generating potentials of the factory.
Other agric-ventures in the state, like cocoa and cashew production has also been earmarked for massive investment and development.
Ondo is predominantly an agrarian state with about 60 per cent of its labour force engaged in agriculture. About 80 per cent of the land in the State is arable, and can be utilised for lucrative and commercial agriculture.
The state is the largest cocoa producer in Nigeria responsible for over 40 per cent of all cocoa export. It has entered into cocoa production partnerships with institutions and multilaterals like International Institute of Tropical Agriculture (IITA), United States Agency for International Development (USAID), French Association of International Development of Exchange of Food, Agricultural Products and Techniques.
The state also has a partnership with Agro Bayu, a Malaysian firm, to revolutionise oil plantations and produce 320,000 metric tons of palm oil every year.
