Economy
GOV. Sherrif Oborevwori of Delta, on Tuesday, inaugurated a multi-million naira palm oil company in Akwukwu-Igbo Community, Oshimili North Local Government Area.
The News Agency of Nigeria (NAN) reports that the project has a production capacity of 10 metric tonnes of palm oil per hour.
It is owned by Norsworthy Farms and Allied Industries Ltd.
In a remark at the event, Oborevwori described the project as a positive development in economy of the local community and the state in general.
“Today, we have gathered here for the ground-breaking ceremony of the inauguration of Norsworthy palm oil mill.
“There is no doubt that this mega project is going to be a great addition to our local economy and the state in general.
“I salute the courage of Dr Gabriel Ogbechie, the Chairman of Norsworthy Farms for his commitment to the growth of our state economy.
“As a government, we are proud of this investment because it holds great hope of urbanisation for this host community of Akwukwu-Igbo.
“This project equally provides great job opportunity for our teeming youths in this locality and beyond,” Oborevwori said.
Also, former Gov. Ifeanyi Okowa, under whose tenure Norsworthy Farms started the mill, expressed delight at the completion of the project.
Okowa said that the mill would help to transform the local economy and provide job opportunity for the people.
“This palm oil project is no doubt a laudable development.
“It is truly going to put food on the table of our people.
“Let me say here that the Chairman of Norsworthy Farms is a man of great ideas.
“He has built this oil mill to help our people.
“There is no doubt that this project is going to help improve the economy of our people.
“As a nation, we can’t continue to depend on crude oil.
“We must begin to diversify and seek altenative means to help improve the lives of our people”, Okowa said.
Earlier in an address of welcome, Ogbechie said that the inauguration of the project marked the highpoint of collaborative efforts that dates back to 2017.
“Back in 2017, we set out plans to establish this multi-million naira palm oil mill.
“Today, the project is being inaugurated to the glory of God.
“Let’s state here that this project has a production capacity of 10 metric tonnes of palm oil per hour.
“The justification for this project is very simple.
“Global palm oil production was pegged approximately at 73 metric tonnes in 2021 to 2022.
“Also, the Food and Agricultural Organisation of the United Nations projects that the global demand for palm oil will triple by the year 2050.
“It is of note that Nigeria imports the bulk of her palm oil from Malaysia.
“Independent research and statistics project that over 700 billion naira worth of investment is required to achieve self-sufficiency in oil plam production.
“It also stated that over two million hectares of oil palm plantation are required for Nigeria to bridge the current supply deficit,” Ogbechie said.
He also said that the mill was well-positioned to meet the demand for oil palm produce and add value to the economy of the state.
He expressed the optimism that the current deficit in domestic demand for oil palm produce would provide an opportunity for the company to thrive in the market economy.
“The inability of the Nigeria oil palm industry to satisfy domestic consumption and export demand for oil palm means that the market prospect for this project remains very bright,” Ogbechie said. (NAN)
14th February, 2024.
C.E.
Tags: GOV. Sherrif Oborevwori
