Diamond Stripes investment has signed a Memorandum of Understanding with Enugu state Government to revive Moribond United Palm products assets in the state.
The team led by the Chief Executive Officer made their intention known at the signing of the MOU in Enugu.
Available data has it that in 2021 and 2022, Nigeria’s palm oil production averaged 1.4 million metric tonnes and 1.3 million MT in 2020 respectively.
Despite the improvement in production, Nigeria has fallen from its position as world leader to the fifth largest producer, a spot it has stood for more than five years now.
For this trend, government and private individuals are working to improve the country’s palm oil production for consumption ratio, even for exports.
At the signing of Memorandum of Understanding, the group promised to upscale the state Palm production above sustenance demands.
The company that has track records in power generation, sole investor in Ontisha River Port, massive investment in Agriculture and Silos storage development, promised not to disappoint.
They underscore the Historic importance of the Palm plantation date back in the first republic under Dr Micheal Okpara administration Agric revolution, hence its desire to revive the Moribond plantation.
At the signing ceremony, Governor Peter Mbah is ensuing that the ease of doing business mechanism instituted would spur investments to record huge returns on investment.
He highlights programmes of government in place to boost Agriculture production beyond food security,.
The group’s interest is to revive dormant Palm plantation assets in Oji River, Ibitolu and Umulopa communities with the aim to add value, improving production in the palm value chain .
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