Stakeholders plan symposium in Malaysia to reposition Nigeria’s palm oil production
15/07/2024 (Business Day) - Worried by the Nigeria dropped from being the largest palm oil producer in the world to the 5th position, the Incorporated Society of Planters (ISP), Africa chapter has planned a maiden symposium to be held in Malaysia.
Fatai Afolabi, vice-chairman, Incorporated Society of Planters (Africa) and Shermal Perera, chairman Incorporated Society of Planters (Africa) respectively in a statement said the symposium is slated for July 19, 2024.
The statement said that the symposium was sequel to the official launched of the body in Abuja on May 24, 2024.
According to the association, once the largest palm oil producer in the world, Nigeria is now ranked 5th, producing 1.4 million tons, or just two percent of the global market annually.
‘Today, the country is poised for tremendous potential in investing, modernising and transforming its Oil Palm production landscape.
“It said the main objective of the symposium with the theme, NIGERIA -” The New Golden Frontier”, is to showcase the potential of Nigeria’s Agriculture Industry, with a focus on the Oil Palm Industry, including its capacity for growth, yield potential, unique market dynamics and opportunities for international investment.
“The expected participants/audience will include a diverse group of Stakeholders from various sectors relevant to the agriculture/oil palm Industry such as large scale plantation owners, processors and manufacturers, investors and financial institutions and agricultural technology providers.
“The expected outcome of the symposium will be to explored/secure investment commitments from international investors to develop and expand the agriculture/oil palm Industry in Nigeria.
“In addition, to increase the visibility of Nigeria’s agriculture and oil palm industry on the global stage and positioning Nigeria as a key player in the global market”, the statement stated.
The statement added that during the symposium there would be discussion on investment opportunities in Africa’s lucrative Oil Palm sector, with focused presentations on Nigeria’s economic outlook, investment structures and strategies to derisk.