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Governor Babajide Sanwo-Olu of Lagos State has pledged the state government’s support to prospective investors in the coconut value chain, assuring them of bountiful return on their investments.
Speaking at the maiden edition of the International Coconut Summit held in Lagos recently, Sanwo-Olu, who was represented by the Commissioner for Agriculture, Prince Gbolahan Lawal, also pledged his government readiness to provide the enabling environment necessary to fully harness the potentials in the coconut value chain in the State.
The Governor noted that the government will encourage the commercialisation of coconut for both local and export markets in the seed nuts and seedling production, establishment of plantations, seed gardens for certified nuts, arts and crafts production, coconut oil production, coconut flour and flakes production and copra production among others uses.
“Coconut Value Chain contributes significantly to the economy of the country considering the fact that it is being grown in commercial quantity in more than 22 States of the Federation. Lagos State is paying special attention to this crop being the largest producer accounting for 70 per cent of the national production. As at 2016, Nigeria produced 283,774Mt of Coconut and this increased to 288,615Mt in 2018. With the concerted efforts of Lagos State Government and other stakeholders in the Coconut Value Chain, the yield is expected to increase to more than 400,000Mt within the next 3 years,” the Governor opined.
According to the Governor, the State has about 2 million trees with an annual production of 200 million husked nuts worth about N10 billion and has the potential of more than 10 million trees with an annual production of 1 billion husked nuts worth about N50 billion adding that as at present, Lagos State is the hub of Coconut Value Chain, not only in Nigeria but the entire West Coast of Africa.
Sanwo-Olu pointed out that with Oil prices averaging $63pb this year thereby leading to uncertainty in the nation’s revenue, there is a compelling need for economic diversification, greater emphasis on agriculture in general and Coconut Value Chain in particular in Lagos State.
“Coconut is one of the greatest gifts of nature to man because it exhibits a wide range of products, perhaps the most useful tree in the world. It grows naturally along coastal terrain and cultivated in about 92 countries of the world such as India, Indonesia, Philippines, Sri-Lanka and Nigeria among others.
