Nigeria Has Capacity To Reclaim Position As Best In Palm Oil Production – Adewole
THE Managing Director, Okitipupa Oil Palm Plc, Taiwo Adewole has reaffirmed Nigeria’s capacity to re- enact its position as the number one producer of Palm oil globally, by investing in companies and local farmers.
Adewole, who disclosed this during the Signing Ceremony with the Stock Exchange Commission ( SEC), at the Greenwich Merchant Bank, Lagos, said investment in the industry will create economy for the farmers, rather than putting pressure on the government to lease dollars to import processed palm oil.
The Managing Director expressed optimism that with its new step, the company will contribute to the development of Nigeria’s local market.
He said: “We are on the verge of commencing great development on our existing plantations, which means that in another three to four years, we will start reaping very great returns. We are also deploying these resources, this new funding to new technology, creating the right economy for greater revenue and greater profitability.
“We are going to be deploying new idea efficient factories for processing and possibly refining to be able to produce diversified products for oil palm. We are also going to deploy new software to run the various processes, so that the company can take advantage of technology in its operations.”
Adewole, who noted that the country’s current production level is lower than the local demands, said: “Why do you want to go to the foreign market when there is a market gap locally? We are not closing the window to that opportunity ( export) when the time comes.
“We will first of all satisfy our local markets before exploring the foreign market. Our loyalty is to our nation and we would prefer to be part of the economy transformation of our country, other than looking for opportunities abroad. If we take what we produce out, we are denying our people and the local economy, the potential it has.”
He said the more the country export its products, creating demand gap locally, more pressure will continue to be on the dollar because the demand will keep rising. “We are one of the advocates that Nigeria has no reason to import palm oil.
“I must let you know, Agriculture remains the largest employer of labour, creating employment, creating opportunities, so the government should focus on creating an environment that will attract the investments that is required.”
The transaction officer handling the right issues of the company, Oluwatobiloba Kuye, who spoke on behalf of Greenwich Merchant Bank, said: “We are just happy and proud to be representing the company in achieving its strategic objectives. They have been trying to recapitalise for a while now, we have been in and out with the SEC, trying to get the necessary approvals to take the company to the market and we are very happy that we are doing the signing ceremony.”