$78M injection for coconut sub-sector – Singh

The coconut sub-sector is set to receive a significant boost with a budget allocation of $78 million in 2024, as announced by Finance Minister Ashni Singh.

In his budget presentation, Singh noted that since returning to office, the government has been actively working on the development of the coconut industry, resulting in the cultivation of 31,500 acres of coconut farms. To further support the growth of this sector, the government has established 10 additional coconut nurseries across the country, providing essential support services to areas that were previously underserved.

In 2023 alone, he said, the coconut industry saw significant progress. A total of 40,000 seedlings were produced, while 13,000 high-yielding coconut seed nuts were imported to improve coconut productivity nationwide. In addition to these initiatives, an additional 1,274 acres of land were cultivated for coconut production, and 297 farmers received specialized training to enhance their expertise in coconut farming.

Building on the success of the previous year, the Finance Minister said, the government is committed to further accelerating coconut production in 2024. This will be achieved by investing in 39,000 high-yielding seed nuts and targeting the involvement of 500 additional farmers in the coconut industry. This strategic focus on expanding the number of farmers involved in coconut farming will contribute to both economic growth and job creation within the sector, he noted.

Singh added that the government will continue to explore opportunities for converting coconut waste into valuable and sustainable value-added products. This initiative aims to maximize the utilization of coconut resources, reduce waste and create new revenue streams for farmers and businesses within the coconut sub-sector.

He asserted that the budget allocation of $78 million for the coconut sub-sector in 2024 reflects the government’s commitment to the development and growth of this industry. By providing financial resources and promoting sustainable practices, the government aims to foster the expansion of coconut production, increase productivity, and enhance the economic well-being of farmers and stakeholders involved in the sector, he added.