EXPLORING ABIA’S POTENTIALS AS AN OIL PALM ECONOMY.

By Okechukwu Keshi Ukegbu. 
#AbiaOnline 
If the present efforts of Governor Okezie Ikpeazu’s administration are sustained, Abia’s economy in few years ahead would be substantially driven by oil palm.The state targets to develop 7.5million palm seedlings occupying 10,000 of oil palm plantation across the state.
The project will come in phases. The first phase will produce 2 million seedlings. The second phase is projected to record 3 million seedlings, while the last lap will produce the rest 2.5 million seedlings. The state is as well embarking on massive plantation of other economic crops such as ginger, pineapple and cassava, and Ohambele in Ukwa East Local Government Area of the state has mapped for the production of ginger and pineapple. Worthy of note here is that close to 2 million palm oil seeds have already been planted at Ayaba Umueze in Osisioma Ngwa Local Government Area.
From the onset, Gov. Ikpeazu has demonstrated genuine interest to diversify to agriculture as well elevate it to an agricultural- hub. This was amply captured in one of Gov. Ikpeazu’s statement thus:” Our land is blessed, fertile and is supportive of agriculture. My government will actively engage and support agriculture activities especially in mechanized farming of Cassava, Rice, and Palm Oil in line with the Federal Government’s programs and our state’s areas of natural advantage. In addition to the creation of a Commodity Marketing System, we will support our small farmers through organized cooperatives, agricultural extension services and partnerships with foreign donor agencies and development finance institutions. We will actively procure FG funds targeted at the agricultural areas we want to focus on and also encourage large-scale farmers to invest ”.
To give a boost to the oil palm revolution in the state is the deployment of the latest specie of oil seedling called tenera which was bred by the International Institute of Tropical Agriculture (IITA).Tenera, which is a hybrid variety obtained by crossing Dura and Pisifera, is a much better variety for industrial and economic purposes.
Considering the dwindling federal allocations accruable to the states due to the sharp decline in the oil economy, which is the mainstay of the Nigeria economy, Ikpeazu’s efforts to revolutionise the oil palm sector is second to none and should be highly applauded.
It will be recalled that the collapse of the global oil market in the mid 2014 has exerted serious pressure on the nation economy. Some of the consequences are dwindling government revenues which have exerted budgetary pressures at various levels of government.The export revenues have also been affected by this trend, while the macro- economic variables have deteriorated with the Naira exchange rate devalued, causing rising inflation and higher interest rates.
Unfortunately, Nigeria’s palm oil priduction, which now accounts for a woeful 7% global out-turn, was before now the mainstay of the nation’s economy which accounted for 43% of the global production. We have no other option than to return to our old glory by regaining our palm oil fortune. Thank God Ikpeazu has taken a pace in this direction. But more needs to be done, efforts should be scaled- up to revive the Abia Palm Plantation in Ukwa.
Ukegbu, a communication strategist, writes from Umuahia, Abia State.