First African Coconut Company, a coconut export/production company has planned to invest about N500 million in the plantation and production of coconut in the country.
Speaking during the Investment & Awareness Seminar of Coconut production/export benefits of Coconut at the Lagos Chamber of Commerce and industry LCCI, over the Weekend.
The convener of the programme, Ambassador John Bede Anthonio, said the company was currently looking at investing in 22 states of the country with Lagos having the largest production.
He informed that Nigeria currently produces 2000MT COCONUT oil while the industry requires 10,000 MT annually which shows a very high shortage in production
“The value chain for COCONUT is wide and employs a lot of people. There is an high demand for Coconut Water, Oil, Flour, Sugar, and Sweetener, Snacks, Coconut Jewelry and the health benefit are enormous
” But Nigeria currently produce about 2000MT annually, while the industry requires 10,000 MT annually which shows a very high shortage in production
“Our plan is to plant two million coconut seedlings across Lagos in three years as the leading Coconut growing state in Nigeria, and 10,000 hectares plantation in 22 states in 10 years, there by putting Nigeria on the COCONUT MAP OF AFRICA.
He added that coconut has the potential to generates about $4 billion annually for the country if well harnessed.
He urged the government to support the coconut plantation by giving out lands.
