Nige­ria to tap into $2.5bn global cas­tor mar­ket

Daily Trust - - BUSINESS - By Zakariyya Adaramola

Be­gin­ning from next year, Nige­ria should be­come one of the ma­jor ben­e­fi­cia­ries of the $2.5bil­lion rev­enue from global cas­tor prod­ucts mar­ket, an of­fi­cial has said.

The Direc­tor Gen­eral of the Raw Ma­te­ri­als Re­search and De­vel­op­ment Coun­cil (RMRDC) Dr Hus­sain Doko Ibrahim, who dis­closed yes­ter­day dur­ing the pre­sen­ta­tion cer­e­mony of im­proved cas­tor seeds to farm­ers in Abuja, also said the cas­tor econ­omy was ex­pand­ing glob­ally and Nige­ria would reap big fi­nan­cial gain from it.

Rep­re­sented by Dr Abim­bola Ogun­wusi, a direc­tor at the agency, Dr Ibrahim said cas­tor would also im­prove the for­tune of telecom­mu­ni­ca­tions, phar­ma­ceu­ti­cal, cos­timetic and per­fume in­dus­tries.

Other lo­cal in­dus­tries that will ben­e­fit from the cas­tor econ­omy, ac­cord­ing to him, are: agri­cul­ture, food, pa­per, elec­tron­ics, tex­tile and rub­ber in­dus­tries.

“Be­cause of its un­lim­ited in­dus­trial ap­pli­ca­tions, cas­tor oil en­joys tremen­dous de­mand worl­wide. Cas­tor crop plays an im­por­tant role in agri­cul­tural econ­omy and can earn sub­stan­tial for­eign ex­change through ex­port of cas­tor seed and cas­tor oils”, he said.

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