Investors target N100m turnover yearly from cocoa project inside Pelican Greenish Acres Estate

BARRING any last-minute hitch, investors are set to embark on a cocoa production sited on a 140-acre land within the Pelican Greenish Acres Estate in Ogun State.

The project, which is expected to yield over 190 tons of cocoa and N100 million annually, will equally contribute to the nation’s cocoa production capacity and value-chain.

This was revealed when investors were taken on a guided tour of the Pelican Greenish Acres by the CEO of Pelican Valley Nigeria Limited, Dr. Babatunde Adeyemo. It was also revealed that the project will be carried out in phases.

While noting that improved cocoa breed gestation period is about four year, Adeyemo added that the current prevailing price of cocoa per ton falls between N1,150,000 and N1,350,000 in the market.

He further added that the project is also expected to create over 250 direct and indirect jobs in Ogun State.

Aside from the Pelican Greenish Acres where the cocoa plantation will be sited, Adeyemo said the firm is also venturing into organic snail, catfish, vegetables and fruits farming to cater for the needs of the lounge, restaurant and short time for Airbnb lodgers at the ongoing Pelican’s Ecostay apartments.

Speaking on the economic importance of cocoa, an Oyo State-based cocoa production consultant, Mr Abiodun Adedokun, said the market for cocoa is quite predictable as it forms an important raw material for confectionery, food and beverage industries as well as in the pharmaceutical and cosmetics industries.

He added that adequate precautions have been taken into cognisance regarding theft, disease and pest infestation.

Another consultant on the tour, Muritala Olawale, noted that while the marshy area of the site would be ideal for catfish, vegetables and fruits farming.

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