Cross River To Build Ultra-Modern Palm Oil Market

News in brief: Bassey Otu plans to establish a palm oil market in Calabar, Cross River State, as part of his agricultural initiatives, aiming to boost local production and provide farmers with direct access to buyers.

Governor Bassey Otu has announced that his administration plans to erect a palm oil market in Cross River State. The market will be sited in the state capital, Calabar, at the Bogobiri area.

Bogobiri was just in the news a day before the announcement after a fire razed portions of its market that are the state's palm oil-selling Hausa community dominates. The governor had pledged a sum of ₦10 million to the affected traders during his visit.

"We will immediately make available ₦10 million and then we will help in erecting these stores back," he had said.

In line with his inaugural promises on agriculture, Otu's proposed ultra-modern would serve as a mechanism for farmers to access cash in exchange for their produce. Besides individual farmers, the government can also benefit from buying and selling goods and services in an optimal market.

One part of his agro industrial revolution plan is reactivating palm oil and establishing the market for produce seems like a good way to go. Its proximity to domestic production means that many farmers can take their produce to their customers instead of relying on middlemen who buy their bulk product and set retail prices.

In terms of production, Nigeria is not self-sufficient enough and has increasingly imported crude palm oil from Malaysia in recent quarters. So, for the new Calabar palm oil market to benefit the state and its people, production will have to increase.

Otu had also made promises about improving the fishing sector and establishing trade consolation centers for cocoa and rice in the state. You can subscribe to our newsletter to get a notification to stay up to date with further development.