The Incorporated Society of Planters (ISP) has said that there is a need to take Nigeria back to the number one position in global palm oil production as against its current 5th position in the world.
ISP in a statement jointly signed by its Africa chapter Chairman Shermal Perera and Vice Chairman Fatai Afolabi and made available to journalists in Benin said the country was once the largest palm oil producer in the world now producing 1.4 million tons, or just two per cent of the global market annually.
According to the statement, worried by the not impressive ranking of Nigeria in global palm oil production, the association would hold a symposium in Malaysia on Friday, July 19, 2024, to chat out ways to improve the country’s agricultural image, particularly palm oil production.
“The main objective of the symposium with the theme, NIGERIA –”The New Golden Frontier”, is to showcase the potential of Nigeria’s Agriculture Industry, with a focus on the Oil Palm Industry, including its capacity for growth, yield potential, unique market dynamics and opportunities for international investment.
“In addition, to increase the visibility of Nigeria’s Agriculture/Oil Palm Industry on the global stage and position Nigeria as a key player in the global agriculture/palm oil market.
“The expected outcome of the symposium will be to explore/secure investment commitments from international investors to develop and expand the agriculture/oil palm Industry in Nigeria.
“Today, the country is poised for tremendous potential in investing, modernising and transforming its Oil Palm production landscape,” the statement said.
The statement added that during the symposium there would be a discussion on investment opportunities in Africa’s lucrative oil palm sector, with focused presentations on Nigeria’s economic outlook, investment structures and strategies to de-risk.
According to the statement, the expected participants/audience will include a diverse group of stakeholders from various sectors relevant to the agriculture/oil palm industry such as large-scale plantation owners, processors and manufacturers, investors, financial institutions and agricultural technology providers.
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