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The Anambra Government has revealed its ambitions to generate over N160 billion in annual revenue from its palm oil and coconut investment projects. Dr. Onyekachi Ibezim, the Deputy Governor of the state, made this announcement during the inauguration of the 2023 Farming Season at Alex Ekwueme Square in Awka.

Representing the governor, Mr. Ibezim disclosed that the expected revenue would be derived from one million palm seedlings and one million coconuts being imported from Malaysia. He explained that these species have a maturity period of three years, and once fully grown, the off-takers would process the fruits, resulting in a yearly income of over N160 billion.

In addition to the palm oil and coconut investment, Mr. Ibezim highlighted the government’s plans to irrigate 10,000 hectares of land in Ifite Ogwari Community, Ayamelum Local Government Area, for rice farming. He emphasized the potential of agriculture to not only create wealth but also provide employment for thousands of people.

He stated, “It is due to the abundance of opportunities in the agricultural sector that the government has listed it as a priority area of investment in the state’s 50-year development plan.”

Mr. Ibezim urged farmers to demonstrate commitment to the sector, assuring them of government support in their agricultural activities. Dr. Foster Ihejiofor, the Commissioner for Agriculture, also addressed the gathering, discussing the state’s promotion of “Biological Farming.” He described it as a sustainable agricultural system that focuses on nature’s sustainability solutions while preserving the environment and ensuring a sustainable food system.

Mr. Ihejiofor encouraged farmers to embrace this new farming system, pointing out that it was not only environmentally friendly but also economically beneficial. He highlighted its ability to reduce input costs, improve soil and plant health, and enhance nutrient levels.

The gathering was attended by farmers from all 21 Local Government Areas in Anambra State, as well as representatives from tertiary institutions within the state.

NAN