In a bid to revive Nigeria’s palm oil industry, PZ Cussons and Wilmar International are working on a multi-billion palm produce investment that will be developed on 50, 000 hectares of land.
The investment which will cost over N100bn in the next few years is also expected to create 12, 000 direct and 33, 000 indirect jobs at various skills.
PZ and Wilmar’s partnership which started two years ago, is line with Nigeria’s vision 2020. Their aim is to invest in new plantation and refining facilities built to world class standards, and support the development of local agriculture and industry.
Speaking at the PZ Cussons-Wilmar editors’ parley in Lagos on Tuesday, an event also attended by the Managing Director, Wilmar Limited, Mr. Santosh Pillai; PZ Cussons’ Chief Executive Officer, Mr. Christos Giannopoulos, said ““The refinery will process crude palm oil in the most hygienic way to fill the significant demand gap in the Nigerian market. We are also developing a range of branded healthy, authentic palm oil-based cooking ingredients to meet the current needs of the Nigerian consumer. This gap is currently filled by imported finished products smuggled into the country.”
He stated that PZ Wilmar has almost completed a refinery at the cost of N10bn, and capable of processing 1, 000 tons per day.
Giannopoulos added that both companies are also working with the Ministry of Agriculture and Natural Resources, Cross Rivers State to implement a palm out-growers scheme, which would be promoted under the Cross River Agriculture and Rural Empowerment Scheme.
“The aim is to develop a symbiotic arrangement between small scale farmers and PZ Wilmar for the purpose of self-support and to enhance local capacity through the transfer of world class technical skills to local farmers,” he said.
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