Awka, June 15, 2023: The Anambra State Government says it hope to rake in more than N160 billion yearly from ongoing palm oil and coconut investment in the next three years.
Dr Onyekachi Ibezim, Deputy Governor of the state disclosed this while flagging-off the 2023 Farming Season at Alex Ekwueme Square Awka on Thursday.
Ibezim who represented the governor at the event said the anticipated revenue was from one million palm seedlings and one million coconut being imported from Malaysia and shared to the residents.
“We started importation of one million palm oil seedlings and one million coconut from Malaysia last year, these species have three years maturity period.
“When this investment fully matured, the off-takers will be processing the fruits of these plants and over N160 billion will be yearly income from this window”, he said.
Ibezim also said there is plan for irrigation of 10,000 haectres of land for rice farming at Ifite Ogwari Community, Ayamelum Local Government Area for rice cultivation.
He said that agriculture has the potential of not only creating wealth, but employment opportunities for thousands of people.
Ibezim said, it was for the abundance of opportunities in the sector that the government listed it among the priority area of investment in the 50 years development plan of the state.
He called on farmers to show commitment in the sector as the government will always support them in their activities.
Dr Foster Ihejiofor, state Commissioner for Agriculture said the state is currently promoting “Biological Farming” practice which according to him is nature’s sustainability solution.
“As we all know farming is not about producing food; it is about preserving our environment and ensuring the sustainability of our food system.
“Biological farming aka “zero budget”, carbon farming or regen-Ag launched last year by Governor Prof Chukwuma Soludo is a sustainable agricultural system”, he said.
Ihejiofor urged farmers to embrace the new farming system, saying ” biological farming is not just environmentally friendly, it is also economically beneficial to farmers as it reduces the cost of inputs while improving soil health, plants health, nutrients among others.
The event was attended by farmers from the 21 Local Government Areas and tertiary institutions within the state.