With its three,000-hectare oil palm plantation and processing plant, Norsworthy Farms has reiterated its resolve to deepen investments in Delta State and assist authorities’s diversification plans with the sector.
Delta State Governor, Dr. Ifeanyi Okowa, throughout the flag off ceremony, acknowledged traders’ renewed curiosity within the state.“I see this train as a good instance of personal sector participation within the economic system. It is basically ennobling when personal sector organizations companion with authorities within the pursuit of sustainable growth.
“The coming of Norsworthy Farms Oil Palm Plantation Project to Delta State is totally not a massive shock because the Managing Director/Chief Executive of the corporate, Gabriel Ogbechie, is an illustrious son of the state, whose ardour for the event of the state has at all times been on the entrance burner.
“With his Rainoil Group already a stabilised enterprise within the downstream sector of the oil and gasoline enterprise, Ogbechie’s ambition on how finest to make use of the proceeds from the enterprise for the great of a bigger variety of Deltans ostensibly propelled him to discovered Norsworthy as an investment arm of Rainoil Group.
“The investment over time would go a long way to stem the increasing rural-urban migration initiative of the youths,” he mentioned.However, Ogbechie hinted that Nigeria at the moment consumes an estimated 2.7 million Metric Tonnes (MT) of palm oil, with estimated demand-supply hole starting from a million metric tonne to 1.7 million, including that with this shortfall, there may be want for added investment.He famous that the agency has set the stage for the cultivation of a three,000-hectare oil palm plantation with a 10-tonne per hour palm oil processing mill and a vegetable oil refinery for producing palm kernel and palm kernel cake for animal feeds.
“This giant stride being undertaken by Norsworthy is largely justified by the fact that palm oil is a key ingredient in the production of several items in the market and these include soap, cosmetics, biscuits, pharmaceuticals, margarine, detergent, lubricants, candles, feed stock and so on.“If the global palm oil market demand is anything to go by, there is undoubtedly the need for any wise investor like Norsworthy to cash in, on the existing opportunity to put their money where the returns on investment would certainly be in high digits”, he additionally mentioned.