By Godwin Oritse

THE management of Raedial Farms Limited has acquired 1590 hectares of land with a view to boosting Crude Palm Oil, CPO, production in the country.

Speaking to newsmen, Managing Director of Raedial Farms, Mr Uwadiale Agenmomen said that the firm is committed to bridge the gap in the planting, harvesting and processing of palm oil adding that some investors have indicated interest in the expansion project of palm oil production.

Agenmomen who led a team of investors and stakeholders from Zenith Bank, Suntrust Bank, CAGL Global  United Capital, Boston Advisory and United Bank for Africa, to the company’s plantation in Iguomokhua village, Orhionmwon local government area of Edo state.  also said  that funding and adequate government support remains a major challenge of the industry if it must rise up to become a giant that it used to be.

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Raedial Farms Limited Hosts Investors & Stakeholders at her 1590 Hectares of Oil Palm Estate in Edo StateEdo, Nigeria. Saturday, May 14, 2022.The management of Raedial Farms Limited stated that they are committed to bridging the huge gap in the crude palm oil (CPO) and palm kernel oil (PKO) supply in the country through current expansion program of her 1590 hectares oil palm plantation and mill.This was disclosed by the Managing Director and Chief Executive Officer of the company, Mr. Uwadiale Agenmonmen when he led a team of investors and stakeholders from United Capital, Suntrust Bank, Central Bank, Boston Advisory, Zenith Bank, CAGL Global, United Capital & United Bank of Africa Speaking shortly after the tour of the farm, Agenmonmen noted

He further stated that that there was no better time to invest on palm oil cultivation and production in Nigeria other than now particularly against the backdrop of the recent ban on the exportation of palm oil and oil palm produce by the Indonesian government.

He said rather than see the ban as a setback, it should be considered a blessing as this would lead to more investment in oil palm production in Nigeria.

He said: “The business environment is interesting. There may be ups and downs but lately the palm oil value chain has been the best in a while, fostered by Indonesia shutting down their export recently and thereby putting the pressure back home.

“In recent times, people that normally import can no longer import palm oil and other products from Indonesia. So, the prices are going up and it is good for the farmers that actually cultivate and sell. In a nutshell, right now, the business environment is okay.”

While commending the Central Bank of Nigeria (CBN) for the financial support towards the growth of the industry, Agenmmomen stated that the major obstacle militating the success of farmers in the oil palm industry is largely occasioned by the set of conditions or evaluation commercial banks give to those who want to access the funds provided by CBN.

He disclosed that the farm sits on a 1,509 hectares of land and has currently cultivated 700 hectares while another 500 hectares would be cultivated this year.

He also discolsed that the oil mill in the farm currently has the capacity of producing 16 tons of red oil every day and from palm kernel oil, it can produce 27 tons every day when there is full stock of raw materials.

“We have to bring our current investors and bankers here to physically see what we are doing because there is a difference when you talk to people about what you do on paper, phone calls.

“We want them to feel connected to where they have their money and with this, we look forward to better business opportunities.

In order to cultivate more plantation, purchase existing plantation, expand milling capacity, build a refinery for production of consumable packaged products and other development, we are looking to raise more funding,” He added