The General Manager Lagos State Coconut Development Authority, Dapo Olakulehin, said that Nigeria has the potential to earn over $100 billion annually from coconut production.
The General Manager, on Monday, stated this on the sidelines of the 2024/2025 Rotary tree planting coastal restoration initiative aimed at increasing the number of coconut trees in Lagos and Ogun states.
According to him, Nigeria is currently producing close to 300,000 metric tonnes of coconut per annum, representing about $10 billion worth of business transactions.
He went on to say that Nigeria has the potential of operating at $100 billion per annum in coconut production.
To put this in context, Nigeria recorded a revenue of 29 trillion naira from crude oil in 2023.
But $100bn is approximately 150 trillion naira.
That means coconut alone can give us five times the revenue of crude oil if we decide to explore its full potential.
Think about that.
My prayer is that you don’t wake up to this reality when it is already late.
Take advantage today.
Peoplesmind
