Small and Medium Scale Enterprises in Delta State have been urged to take advantage of the abundant investment opportunities in the plantain value chain.
The Director-General, Raw Materials Research and Development Council (RMRDC), Prof Nnanyelugo Martin Ike-Muonso, made the call in Asaba at a one-day investors’ forum on agro-processing with the theme: “Plantain Value Chain: A Hidden Potential for Economic Diversification/Wealth Creation”, organized by the Delta State Coordinating Office of the Council.
Prof Ike-Muonso, who was represented by the Deputy Director, South South Coordinating Division of the Council, Mrs Olubumi Olufemi, said the forum was designed to proffer solutions to the critical national question of food insecurity, unemployment, youth and women empowerment, raw materials value addition, industrial development, amongst others.
The Director-General noted that the growth and development of small and medium scale enterprises (SMEs) could help achieve more equitable distribution of income and investment opportunities which would invariably diversify the economy from over reliance on petroleum and create jobs, economic growth, end poverty and ensure prosperity for all.
He pointed out that plantain, botanically called (Musa x paradisiaca) had immense industrial potentials, just as it was in high demand due to its nutritional and food value importance.
According to him, in 2022, Africa’s total plantain production was 30.08 million tonnes, out of which Nigeria produced 3.1 million tonnes, with most of the production consumed domestically with or without value addition.
Prof Ike-Muonso stated that despite the high demand, production and processing of plantain, it had remained at the rudimentary level, hence substantially reducing the revenue that ought to accrue from it.
He said plantain, if properly harnessed could earn a lot of foreign exchange and give a significant effect to the food security programme of President Bola Ahmed Tinubu’s Agricultural Transformation Agenda, stressing that Delta State was well endowed with agricultural raw materials, with plantain produced in significant quantities.
The DG emphasized the importance of creating awareness on the economic and industrial potentials of plantain, which he identified as a veritable raw material, disclosing that RMRDC had over the years embarked on various innovative programmes and projects to actualize its mandates.
Prof Ike-Muonso disclosed that the Council had also proposed an amendment to its Act for 30% value addition for all raw materials before export, which he said would boost local processing, enhance local manufacturing, increase export value, ensure farmers gain maximum returns from their efforts, and generate more income for the Nigerian economy.
In a keynote address, the Special Adviser to Governor Sheriff Oborevwori on Trade and Export, Mrs Shimitte Love, highlighted the investment opportunities in the plantain value chain and called on Small and Medium Scale Enterprises (SMEs) in the state to leverage on them to create wealth and diversify the economy.
She emphasized the need for standardized packaging of brands to make them attractive to the export market, disclosing that serious-minded SMEs would be linked to financial institutions where they could access credit facilities at single-digit interest, including the N1 billion earmarked for that purpose by the state government.
In an interview with newsmen, the State Coordinator of RMRDC, Mrs Lesley Okoh, said Delta State was endowed with several raw materials with lucrative value chains which would, in due course, be promoted by the Council for SMEs to invest in, explaining that plantain was chosen for the forum because of the state’s comparative advantage in its production.
A participant in the forum and Coordinator, Delta Exporters’ Cluster, Hon. Amb. Gloria Umukotete, commended RMRDC for creating awareness on the investment opportunities in the plantain value chain, identifying the raw material as a viable export product.
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