21/05/2008 (This Day Online) - Nigeria and the Cameroun governments are contemplating over $4.656 billion joint venture in the development of oil palm sector that would benefit the two countries.

The scheme which is initiated by the United Nation Industrial and Development  Organization (UNIDO) will attract N500 million from Nigeria and N800 million from the camerounian government.

Camerounian Technical Adviser, Ministry of Industries, Mr. Mbi Orug dropped the hint during  a courtesy call on the Akwa Ibom State Commissioner for Commerce and Industry, Mr. Paul Ekpo in Uyo.Already, the UNIDO has identified Ondo and Akwa Ibom state  as the highest producers of palm oil in Nigeria hence the move to seek ways through  which both countries  could partner in the deelopment and sustenance of the oil palm sector in the two neighbouring countries.

According to him, the oil palm development is a community-based venture that would require the installation of processing oil mill in the areas chosen for the implementation of the scheme.

Orug observed that because of non-existence of an enhance oil palm development strategy, more than 50 percent production was lost monthly, stressding the need for Akwa Ibom and Ondo states to set up a steering committee for the succcess of the project.

Responding, the Akwa Ibom state Commissioner for Commerce and Industries said Akwa Ibom being a leading player in the oil palm industry in the country  is prepared to cooperate with UNIDO in the development of the oil palm sector.

Mr. Ekpo said the state government is interested in the development of the oil palm sector following the establishment of thre oil palm processing depots in the state.