Ondo seeks more investment in cocoa, cashew to boost Nigeria’s economy

Ondo state government says it is ready to improve its investment in cocoa and cashew crops to ensure that Nigeria continues to be a leading player in the global industry. 

Akin Olotu, senior special assistant on agriculture and agribusiness to the governor, spoke at a media parley organised by the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) in Akure.

Olotu said cocoa is responsible for 1.04 percent of exports and contributes 3.33 percent to employment in Nigeria.

The special assistant said the state understands the value of cocoa and cashew and has invested massively in it.

He, therefore, called upon the government at all levels to put more effort into developing the cocoa and cashew industries, adding that the value chain (locally) would have a tremendous impact on the economy.

“We have a lot of benefits from cocoa, cashew, and shea butter, among others, because they are exportable,” Olotu said.

“So, we need forest and this is the critical area the government needs to look into. If we develop cocoa, cashew and the value chain locally, there will be a tremendous impact on the economy.

“It will create a lot of jobs for the people, the crime rate will go down, and we will have a lot of foreign exchange in a sustainable way.

“There should be equal attention to tree crops because we need the forest. There must be an immediate and conscious effort to promote all these crops in the country.

“It is a matter of necessity, it is not something that should be delayed, it can be treated the way the issue of fuel subsidy was treated.”

A NATIONAL COMMODITY

Olotu also said cashew has become a national commodity that grows across the 36 states of the federation, with cocoa taking second place in terms of foreign exchange (FX) earnings to the economy.

“For instance, several investors have shown interest in our agricultural projects, leading to the establishment of large-scale farms, agro-processing facilities, and partnerships with local farmers,” he said.

“Six investors are doing exceedingly well and we will begin to see the impact in the next couple of years.

“So, the ‘Red Gold Project’, which is a major agricultural initiative being implemented by the state government with the aim of promoting the cultivation and processing of oil palm in the state, is a big success.”

Olotu further said Nigeria needs to decentralise power in order to curb insecurity.

“So, the solution to our problem in this country is power devolution, let us reduce the load at the federal level so that people can strive,” he added. 

“For us to do it successfully, we need adequate security. All governors have agreed that we should have a state police.

“If farmers are secured today, I can tell you that we will be self-sufficient in food in Ondo state.

“The security architecture of this country is not working at all and the problem is from the national assembly. We need a system that is working, and until we go back to that, there won’t be a way forward.”