As the clamor for establishing commodities boards intensifies to manage soaring food prices in Nigeria, the Managing Director of Okitipupa Oil Palm Plc, Taiwo Adewole, sheds light on the country’s potential to leverage its position in the palm oil industry for economic gain and self-sufficiency. Here’s a closer look at the company’s perspective on economic issues.
Local Market Priority
Adewole stresses the importance of prioritizing the local market over foreign export, citing the imbalance between production and local demand. Emphasizing a commitment to contribute to Nigeria’s economic growth, the company aims to bridge the local market gap before considering foreign export opportunities.
Promoting Self-reliance
In response to the pressure on the dollar due to food imports, Adewole advocates for investing in local production to alleviate reliance on imports. With Nigeria’s historical ties to oil palm, he envisions Nigeria reclaiming its position as a leading global producer, catering to local needs before considering exports.
Embracing Technology and Innovation
Okitipupa Oil Palm Plc plans to integrate digital solutions and modernized processing techniques to enhance its operations and product diversification. Adewole highlights the significance of leveraging technology along the value chain to optimize the company’s performance.
Government Intervention and Challenges
Addressing the calls for government-established commodity boards, Adewole advocates for a free enterprise approach with government regulation and policy to attract investments. He acknowledges security as a primary challenge, impacting the agricultural sector’s appeal to farmers and calls for government action to ensure a secure environment for farming activities.
Recapitalization and Rebranding
Adewole highlights the company’s successful recapitalization efforts, aimed at driving technological advancements and overall business growth. He attributes the radical transformation of Okitipupa Oil Palm Plc to strategic decisions, a cashless policy, and collaborative efforts with the Ondo State government to curb illegality in the plantations.
As the company embraces a new era, driven by reinvigorated strategies and a strong financial foundation, Okitipupa Oil Palm Plc sets its sights on a promising future in Nigeria’s agribusiness landscape.
