Gov. Uzodimma Brings Back CBN To Partner With Adapalm Plantation.
The Central Bank of Nigeria, has returned back to partner with the Imo State Government to improve palm production in the state. The partnership is aimed at making Imo State the palm processing and milling hub in the South East of Nigeria.
The CBN team led by Mr. Ifechukwu Anthony had paid a visit to the Management of Adapalm in Ohaji, Imo State.
Receiving the Apex Bank team, the General Manager of Adapalm Nigeria Limited, Ohaji, Hon. Dr. Esom Goddy Obodo pledged to optimize production with the support of the CBN.
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.
Speaking, the mill Manager, Mr. Sunny Ejekwu disclosed that the mill was previously producing at ten tones milling capacity but, under Dr. Obodo, the output has improved to twenty tones milling capacity daily within a space of three 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 cashcow, 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 20tones 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".
