Ondo State Government says it has identified and is rededicating interest in harnessing the potential of certain tree crops to boost its Internally Generated Revenue (IGR).
Mr Akin Olotu, the Senior Special Assistant (SSA) to Ondo State Governor on Agricbusiness, stated this at a press conference in Akure.
Olotu listed Oil Palm, Cocoa , Cashew and Rubber trees as tree crops being massively invested in by the present administration to earn the state foreign exchange.
“We have gone far with the oil palm, which we tagged, ‘Red Gold Project,” he said.
Olotu, who is also the Chairman, Ondo State Agricbusiness Empowerment Centre (OSAEC), noted that 25 litres of palm oil was more expensive than that of petrol.
The more reason, he said, it was worthy of investment.
He disclosed that the state government was working on a 67,000-hectre of land for the planting of palm trees alone.
According to him, the investment will put the state in a better position to improve its revenue, even if it is not immediate.
Olotu noted that since the inception of the Rotimi Akerele-led administration, over two million seedlings of cocoa had been distributed.
He said that the state government tagged cocoa as ‘Sweet Gold’, similar to the ‘Black Gold’ tag of petroleum.
He added that the production of cocoa in the state in 2020 was the highest in the last 20 years, showing the result of the massive investment in cash crop tree by the state government.
The SSA also said that tomatoes produced in the state were being transported to Mile 12 in Lagos and other parts of the country.
“This is the first in the history of the state.
“The emphasis is moving from just pure Agriculture to Agricbusiness and I don’t need to tell you the advantage in this,” he said. (NAN)