Akwa Ibom to Invest ₦31bn in Palm Oil Industry from 2026
In a bold move to revitalize Nigeria’s once-thriving palm oil industry, Akwa Ibom State has announced plans to invest ₦31 billion ($20.2 million) in oil palm development beginning in 2026.
Governor Umo Eno, who unveiled the initiative, said the program is designed to boost local production, expand cultivation, and strengthen the state’s role in the palm oil value chain. He added that the plan will also position Akwa Ibom as a key player in Nigeria’s agricultural and industrial transformation drive.
Under the scheme, each of the state’s 31 local government areas will receive ₦1 billion (US$653,296), while additional funds will go to the Ministry of Humanitarian Affairs to oversee implementation. The funds will support the distribution of high-yield seedlings, expansion of plantation acreage, and deployment of agricultural extension officers to train farmers.
The governor noted that the plan aligns with the National Palm Oil Development Strategy, launched earlier in 2025 by the Oil Palm Growers Association of Nigeria (OPGAN). The five-year roadmap aims to replant 1.5 million hectares of oil palm across 27 states by 2030, with the goal of restoring Nigeria’s former dominance in the global palm oil market.
Despite being Africa’s top consumer, Nigeria still imports about 25% of its palm oil needs—nearly 500,000 metric tons annually—due to low domestic output. Akwa Ibom’s intervention, analysts say, could reduce this deficit, generate rural employment, and spur economic growth in the Niger Delta.
The state also plans to set up a Palm Oil Council to coordinate marketing, aggregation, and value chain development. Officials say this will attract private investment and improve competitiveness at both local and international levels.
Industry watchers describe the move as timely, citing rising global demand for sustainable and traceable palm oil. With Malaysia and Indonesia dominating supply, Nigeria could leverage renewed production to tap into export opportunities, particularly under the African Continental Free Trade Agreement (AfCFTA).
To back the initiative, the state has resumed direct management of strategic plantations, including the Dakkada Global Oil Palm Limited, which is being revived as a model for modern large-scale cultivation.
Governor Eno emphasized that the ₦31 billion commitment is more than an agricultural project—it is a step toward transforming Akwa Ibom into a palm oil hub, reducing imports, empowering farmers, creating jobs, and contributing to Nigeria’s broader economic diversification.
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