Nigeria coconut market worth over $6 billion — Minister
The Minister of State Industry Trade & Investment, Marian Katagum, has advised coconut farmers to harness the global potential market for coconut in the country, which she said is in excess of $6 billion.
Mrs Katagum said this while delivering her keynote address at the 2021 Coconut planting season flag off tagged “Actualizing Coconut Sufficiency in Nigeria”, held in Abuja.
She said coconut is a commodity with lots of economic, medicinal and nutritional value and the market for it in Nigeria is huge.
“Unfortunately, the local supply can only meet about 20 per cent of the demand, hence the need to urgently address the supply side constraints,” she said.
“The global market for the coconut is more than $6 billion, which means that the opportunities are huge.
“Therefore, as the 18th largest world producer of coconuts, we must work harder to increase our market share, and the best strategy is to start cultivation of the commodity for improved yield.”
Our campaign, “One Family, Three Coconut Trees” is strategic, and you must sustain the vision,” Mrs Katagum said.
According to her, Nigeria needs more coconut plantation and industries to support the already existing ones in the country.
“Without doubt, we need more coconut plantations and industries to support the few that are already existing in states like Akwa Ibom, Lagos, Rivers and so on.
She stressed that the government is committed to the development of the coconut sub-sector and would work to create effective support systems for the growth of the commodity.
“As a Ministry, we are committed to supporting activities that will help harness the immense benefits of the coconut to the economy, which is why the Ministry nurtured and formed the National Coconut Producers, Processors and Marketers Association of Nigeria (NACOPPMAN).