In Nigeria, coconut has the potential of generating over N10 billion annually for farmers and agribusiness entrepreneurs. For example, Lagos state has the potential for the production of more than 10 million coconut trees with annual production of over 1 billion husked nuts worth over N45 billion.
How much coconut oil is consumed in Nigeria?
According to the United States Department of Agriculture (2016), Nigeria coconut oil domestic consumption is about 7,000 metric tonnes thus leaving a supply gap of about 5,500 metric tonnes per annum.
Is Nigeria a good country to grow coconuts?
On the 18th position on the world coconut production country index currently, Nigeria can only boast of 265,000 metric tonnes of coconut production, a country that is bestowed with an arable rainforest zone fertile for a crop that is non-indigenous to it. Thus, the nation has the chance to meet the increasing market demands globally.
Will Lagos State become the world’s top coconut producer?
“This could be tripled to Naira 360 billion worth of transaction volume with value addition and will further ensure Lagos state contributes significantly to making Nigeria among the top ten world coconut producing country, thus moving up from the present nineteenth position,” Hon. Olusanya pointed out.