The Imo State government is collaborating with the Central Bank of Nigeria (CBN) to diversify the state’s economy and create employment opportunities through the revival of Agricultural Development Authority Palm (ADAPALM), in Ohaji, which was once a pride of the state.
This was made known during a bank personnel visit led by Anthony Ifechukwu, special adviser on agriculture to the CBN governor. The visit was planned to enable an interface with the general manager of ADAPALM, Esom Goddy Obodo, as well as other members of its management staff.
ADAPALM Nigeria Ltd. is a vast oil -palm plantation with its own commercial refinery, which has the capacity was only to produce and process palm oil, but other oil-related products like palm kernel oil, margarine, and shea butter, among others.
Restoring ADAPALM to its former status would raise the state’s internally generated revenue and provide employment opportunities for its teeming youth population.
Among the major challenges the company has had over the years are corruption, embezzlement and a lack of accountability since there was no meticulous documentation of the day -to -day sales made on the plantation.
The general manager disclosed that he was confident the partnership would fully revamp and strengthen the production capacity and profitability of ADAPALM.
In his remarks, Ifechukwu indicated that they were in the state to assess the immediate needs of the palm oil establishment and help it bounce back.
“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,.” Ifechukwu said.