Concerned about Nigeria’s drop from being the largest palm oil producer in the world to the 5th position, the Incorporated Society of Planters (ISP), Africa chapter, has planned its inaugural symposium in Malaysia.
Fatai Afolabi, vice-chairman of the ISP (Africa), and Shermal Perera, chairman of the ISP (Africa), announced in a statement that the symposium is scheduled for July 19, 2024. The symposium follows the official launch of the society in Abuja on May 24, 2024.
According to the association, Nigeria, once the world’s largest palm oil producer, is now ranked 5th, producing 1.4 million tons annually, which is just two percent of the global market. However, the country is seen as having tremendous potential for investment, modernization, and transformation of its oil palm production landscape.
The main objective of the symposium, themed “Nigeria – The New Golden Frontier,” is to showcase the potential of Nigeria’s agriculture industry, particularly the oil palm sector. The focus will be on growth capacity, yield potential, market dynamics, and opportunities for international investment.
The event is expected to attract a diverse group of stakeholders from various sectors relevant to agriculture and the oil palm industry, including large-scale plantation owners, processors, manufacturers, investors, financial institutions, and agricultural technology providers.
The anticipated outcome of the symposium is to secure investment commitments from international investors to develop and expand Nigeria’s agriculture and oil palm industry. Additionally, the event aims to increase the visibility of Nigeria’s agriculture and oil palm sector on the global stage, positioning the country as a key player in the global market.
The statement added that the symposium will feature discussions on investment opportunities in Africa’s lucrative oil palm sector, with focused presentations on Nigeria’s economic outlook, investment structures, and strategies to mitigate risks.
