Enugu state government has signed a 100 billion naira contact with Diamond Stripes Limited to resuscitate the moribund United Palm products assets in the state.
The deal was sealed at the signing of Memorandum of Understanding ceremony between the company and the Enugu State Government.
With available data showing that in 2021 and 2022, Nigeria’s palm oil production averaged 1.4 million metric tonnes and 1.3 million MT in 2020 respectively, making her the largest producer at that period.
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.
To address this ugly trend, government and private individuals are working to improve the country’s palm oil production for consumption and ultimately for exports.
At this signing of the Memorandum of Understanding, the group promised to upscale the State’s Palm production above sustenance demands.
The company which has a good track record in power generation, Port Infrastructure at the Onitsha River Port, massive investment in Agriculture and Silos storage development, promised not to disappoint.
Its leadership underscores the importance of the Palm plantation that dates back to the first republic under Dr Micheal Okpara administration Agric revolution, hence its desire to revive the moribund plantation.
At the signing ceremony, Governor Peter Mbah is assuring that the ease of doing business mechanism instituted would spur investments with the expected 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.
