Minister asks coconut farmers to harness $6b market

 

The Minister of State Industry Trade & Investment, Mrs Marian Katagum has advised coconut farmers to harness the $ 6 billion business opportunity around the produce.

This was disclosed during the flag off of the Coconut planting season held this week Tuesday at the ministry at Abuja.  

Marian Katagum said being the 18th largest world producer of coconuts; we must work harder to harness the $ 6 billion global coconut market, while increasing our market share, saying that the best strategy is to start cultivation of the commodity for improved yield.  She said that the campaign, “One Family, Three Coconut Trees” is strategic, and you must sustain the vision.

Katagum added that without doubt, we need more coconut plantations and industries to support the few that already existing in the country, adding that the Nigerian coconut industry can be given a boost with more investment to enable it get its share out of the $ 6 billion market in the globe as job would be created in thousands for unemployed youths at the value chains.  

She stressed that Government is committed to the development of the coconut sub-sector and would work with your Association to create effective support systems for the growth saying ‘’ I therefore, enjoin you, to develop an effective work and growth plan that can be supported by government for the expansion of the commodity’’

The president, National Coconut Producers, Processors and Marketers Association of Nigeria, (NCPPMAN) Mrs. Nma Okoroji, reiterated that Nigerian coconut industry is 80% untapped with massive importation as the industry has the potential to generate foreign exchange much bigger than the current crude oil earnings with boost in gross domestic product.

Okoroji disclosed that currently the production output of de-husked nuts in Nigeria is 257,520 metric tonnes which are used in the production of fewer than 1,500 tonnes of coconut oil, pointing that is the critical point why the 2021 coconut planting season flag-off is aimed to achieve the actualisation of coconut sufficiency in Nigeria (COSIN) through the establishment of coconut tree planting the establishment of 10,000 square meters of coconut farms in all coconut viable states and one family 3 coconut tree initiatives.

According to her ‘’coconut industry has an inelastic value chain that transcends health benefits, employment generation for youth and women, family economic empowerment, medical industry, furniture, domestic kits and National income to boost our Gross Domestic Product, the need for a healthy and wealthy living has increased the consciousness of the economic potentials, and the demand is multiplying annually’’