The Central Bank of Nigeria, has entered into partnership with Imo State Government to improve palm product production.
This is even as the General Manager of Adapalm Nigeria Limited, Ohaji, Hon. Dr. Esom Goddy Obodo has pledged to ensure production of optimum palm produce.
The agreement was brokered when the Apex bank team led by Mr. Ifechukwu Anthony and some Government consultants paid a visit to the Management of Adapalm in Ohaji, Imo State.
Dr. Obodo commended His Excellency, Governor Hope Uzodinma for the vision to partner Central Bank of Nigeria to improve the industry and create employment for the teeming youths.
The General Manager who expressed optimism that the partnership between Adapalm and the Central Bank of Nigeria will yield positive results disclosed that he is working assiduously to make sure that Adapalm comes back to life in line with the 3Rs mantra of the State Government. “Adapalm has opened contact with Malaysians to come over here to train some of our workers on how to convert wastes into wealth”, he added.
Speaking, the mill Manager, Mr. Sunny Ejekwu disclosed that the mill was in a sorry State before the arrival of Dr. Obodo. He said “we were at 10 tones milling capacity but, under Dr. Obodo, we have improved to 20 tones milling capacity daily within a space of 3 months”
Responding, Mr. Ifechukwu Anthony, Special Adviser to the CBN Governor on Agriculture, said, “I here today with a view to assessing the needs of Adapalm to come back on board and join the committee of organization that is contributing to the development and production for the benefit of our country”.
“Under the developmental role mandate, the CBN is actually interested in turning around Adapalm. Adapalm in the 1980s and 90s was a primary source of special palm oil that was consumed in this country and exported, too. In fact, it was the benchmark for oil production in the country”.
“Anything we can do to ensure Adapalm comes back to life is the reason I am here today. Whether it is on the Government side, we will work with the state government, whether it has to do with finance, we will work with commercial banks. Adapalm is a cash cow, and we should not allow it go moribund’.
“My joy is that between March and now, I have seen a lot of improvements, in the milling area which is processing, you can see Adapalm now does 20 tonnes per day. Other issues like cleaning up the Plantation, farm maintenance, we will get there and that is why the consultants came, they are taking note of everything, they will turn them into a business plan that will be sent to Central Bank for consideration.
Earlier in his speech, Mr. Henry Okeke, Government consultant also stated that the reason they came to Adapalm is to take inventory and contribute to how the industry can be rehabilitated. According to him, “the partnership is going to yield positive results because, two good heads are better than one. It is obvious that over the years, one hand has not been able to manage this place and carry out challenges. Therefore, the CBN intervention is a good one for the industry”.
“We will draw out a policy direction and road map that will attract investors, we will gradually revive the industry, affect the communities, same time make it viable for the State as a contributor to GDP of the State”.
Also lending his voice, Mr. Emeka Ononiwu, another Government consultant said, “I see a whole lot of potentials in this place, and I think if we are honest to ourselves and bring our hearts and souls together, we will be able to reactivate this place which is the most important thing, for the locals to be happy, including the State Government and the Federal Government.