…AKS revenue to rise as virgin coconut oil sells at $1326 per barrel- Gov. Emmanuel
… Refinery a uniquely creative, futuristic innovative venture – Ex Gov Suswan
The Akwa Ibom State Government on Friday commissioned it’s multi billion dollar Coconut Oil Factory with the capacity to process one million nuts a day.
The refinery located in Ikot Akpan Okop, Mkpat Enin Local Government, Akwa Ibom State is a multi value chain mechanism that will not only diversify production but also triple returns on investment, the Governor, Mr Udom Emmanuel has declared.
The inauguration of the St. Gabriel Coconut Oil Factory which took place on Friday, was performed by Senator Gabriel Suswan, former Governor of Benue State.
Speaking at the event, Governor Emmanuel said the landmark project which is the first of its kind in Africa is a combination of Asia and European technology built to transfer skills and develop the youths, and will earn the state high revenue as virgin coconut oil costs higher in the international market than crude oil.
He noted with delight that the coconut oil factory which will be a major foreign exchange earner is expected to create employment for the teeming youths, and will diversify the economy of the state.
Hear him, “Today you are going to witness the first of its kind, you cannot find this kind of factory in Africa that is refining virgin coconut oil with the capacity to process one million nuts a day in three shifts.”
“Today we are aware that in the international market virgin crude coconut oil goes for $6 per liter and 221 liters makes one barrel and if the much talked about crude oil is about $110 per barrel it means that virgin coconut oil is $1326 per barrel which is higher than crude oil. Soon everyone is projecting that the demand for crude oil will dwindle in future and we would have been prepared for the future”.
Governor Emmanuel assured the host community of training the youths, saying “the technology you are seeing here is a combination of Asia and European technology in order to transfer skills and then develop our people.
“Let me allay the fears of the host community this week we will draw up an agreement for training and we are taking cognizance of all the three Local Government that have given us land”.
In his remarks, the former Governor of Benue State, Senator Gabriel Suswam, who inaugurated the project noted that the historic event has projected Akwa Ibom state in good light and commended Governor Udom Emmanuel for his ingenuity in creating wealth for people of the state.