Nigerian economy to rake in $45bn annually
The oil and gas sector may soon have a rival in revenue generation in Nigeria with stakeholders associated with palm oil production industry showing the commodity in injecting not less than $45 billion revnue into the economy annually.
It will in addition boost the labour market with estimated 35 per cent, at the first five years with programmed employment growth rate of 10 per cent, yearly.
This revelation was made in Enugu, the Enugu State capital on Thursday, to newsmen by the Chief Executive Officer (CEO), BKG Exhibitions Limited, Mr. Ifeanichukwu Agwu, the firm corrdinating a three-day stadholders’ farm produce faire and exhibition, billed to hold from 12 through 14 May, 2017.
Agwu said the need to gradually lead Nigeria out of recession and away from the strangle hold of the oil and gas sector had thrown a challenge to stakeholders from other sectors, particularly, agriculture to be inward lookig
“With conscious and developmental efforts by managers of the Nigerian economy, geared towards oil palm production, huge amount of foreign exchange could be generated within the next three years.
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“To this end, the BKG Exhibitions Limited, as a fairs and exhibitions organising firm ,has unveiled plans to explore opportunities in the sector by showcasing the investment potential in palm oil production of Nigeria,” the CEO stated.
He added that the fair is being jointly organised by some foreign partners, WorldEx a trade media group, a Malaysian professional outfit, while, the academia and other experts as well as operators across Africa are to participate.
In addition, palm produce/services and allied industries, worldwide will showcase latest equipment machinery, facilities, innovations and management solutions, which will effectively boost businesses.
He also stressed that the fair is planned tovoffer immense opportunities for networking, business expansion and widening of operational scope for global players in the sector by serving as a gateway to the largest palm oil produce market in Africa.
“It will provide an annual forum for operators and stakeholders in the industry to be constantly updated with latest technological and management trends and as such, present an opportunity to review policies and programme implementation strategies to keep the industry in tow with the developmental needs of Nigeria,” he said.
He announced that the palm produce and technology expo will attract other local and foreign investors into the country with the expectation that Nigeria’s foreign direct investment (FDI) would also be boosted from an area that has not been known for that by policy makers.
According to Agwu, oil palm plantations will come back to help farmers’ efforts in re-esablishing them, as was the case in the first Republic..
According to him ,not less than 70 global exhibitors both local and foreign will participare with creative marketing and networking opportunities for serious farmers and outfits operating in the sector.