Cash crops have been creating millionaires, jobs and sustaining the economy of many nation around the world, just as coconut represents golden chance for Nigeria to rake in over $2.5billion annually.
However, some cash crops in the country like cocoa, cashew, soybeans and others have also penetrated international markets, where the demand for these crops are huge. But unfortunately, coconut value chain remains untapped in the country.
Booming global demand for coconut water, oil and other bi-products is a significant opportunity for the crop to boost exports and job creation.
Recently, the Chairman of Nigeria Agribusiness Group (NABG), Mr. Sani Dangote, said Nigeria was losing $1billion yearly from untapped potential in coconut business. He said the losses came because the country was neither developing coconut value chain for domestic use nor exporting it to meet global demand.
He said the potential of the coconut industry to improve the country’s economy and lift coconut farmers from poverty has not yet been fully maximised.