Nigeria to tap into $2.5bn global castor market
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.