When the defunct Eastern Regional government established the now equally defunct Eastern Nigerian Development Corporation (ENDC) in 1955, it majorly charged it with the responsibility of improving the quantity and quality of palm produce on which the economy of the region largely depended on.
The corporation then operated a number of agricultural and industrial schemes, including pioneer oil mills, oil palm plantations, cashew plantations, cocoa plantations and a cattle ranch, among other viable economic investments.
The corporation, it was gathered, generated million of pounds for the Eastern Regional government through the production and sale of palm produce such as palm oil and palm kernel.?
Indeed, records show that the first tranche of money released by the then government for the establishment of the University of Nigeria, Nsukka (UNN), was gotten from earnings from the sale of palm produce. At a point, the regional economy was described by international financial organisations, as one of the fastest growing economies in the world, courtesy of palm produce.?
But following the outbreak of Nigeria/Biafra war in July 1967 and the discovery of crude oil in commercial quantity, investment in palm produce was relegated to the background.
And, even after the civil war ended in January 1970, only but a few? of the present nine states? of Abia, Akwa Ibom, Anambra, Bayelsa, Cross River, Ebonyi, Enugu, Imo and Rivers, that constitute the former Eastern Region – thought it economically wise to make sustainable investments in palm produce.
Imo State is one of the few states in the former region that realised the major role palm produce played in expanding the economic frontiers of the defunct Eastern Region.? For example, the state established the multi-million naira oil palm plantation, Adapalm Nigeria Limited, located at Ohaji.
The state occupies a total land mass of 5289.48 sq kilometers and has a projected population of over 5million people with a? population density of 574 persons? per square kilometer, which makes it second to Lagos State.
The state is said to have the highest literacy level producing the highest workforce in the country. As the state is blessed with human resources, it is also blessed with abundant natural resources.
?Some of the natural endowments in Imo include crude oil which is found in commercial quantity in Ohaji/Egbema, and some other parts of the state. The state also boasts of textiles, wood based industries, and gas and hospitality business.
Besides all these natural endowments, the state is a heaven for investment in palm produce.
?This apparently explains why on assumption of office in May last year, Governor Rochas Okorocha, purchased several species of palm seedlings to boost palm production in the state.
?His foresight in investing in palm produce in the state has tremendously paid off as the state now exports large quantities of palm oil and palm kernel outside the country, with much still left for local consumption.
LEADERSHIP learnt that the earnings from palm produce, has shot up the internally-generated revenue of the state by 20%, though this figure could not be ascertained from the relevant government agencies.
When Okorocha assumed office, he placed agriculture on the priority list, since he strongly believes that investment in this sector of the economy, would afford the rich and the poor, the opportunity to put food on their tables without much difficulty.?
He has transformed the ailing palm oil industry in the state, known as Adapalm – changed its name to Imo Palm Industry, and restructured it completely for higher productivity.??
?Today, Imo Palm Industry is not only flourishing but has also provided employment to several hundreds of unemployed youths in the state.
?Some of the youths who are not directly employed in the industry are encouraged to establish their own palm own oil plantations.
Likewise, the state government has come up with an investment package aimed at attracting investors to the business of palm produce. The package includes the provision of land, tax holiday, soft loans and labour.
?It is expected that investors would take advantage of the fertile land in most parts of the state, to establish oil palm plantations, and oil mills in the state, just as was done in the defunct Eastern Region.?
The state government strongly believes that an investment in the palm oil industry would yield tremendous dividends to both the state government and the investors, against the backdrop of the fact that this industry formed the mainstay of the economy of the former Eastern Nigeria.?
?LEADERSHIP gathered that already, the Imo State government has entered into negotiations with the Chinese government, to invest in palm oil production in the state.
It is hoped that the establishment of palm plantations, palm oil mills and palm produce-based industries in the state by the Chinese government or other investors would help reduce youth unemployment in the state, and at the same time shore up the revenue base of the state.
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