Abuja, Jan. 21, 2019 (NAN) – An agric expert, Mr Sulaiman Yinus, has urged the Federal Government of Nigeria to boost the interest of youths, graduates and women toward groundnut oil production and marketing to enable them become self-reliant.
Yinus, who is the Managing Director of 12 Farms Gate, made the call in an interview with News Agency of Nigeria (NAN) on Tuesday in Abuja.
He described Nigeria as the largest producer of groundnut in Africa with three million tonnes of production.
« With the Nigeria’s population of over 160 million people and groundnut oil being a daily need item, market for it in Nigeria is highly unimaginable and the supply cannot meet the demand of the people.
« Groundnut oil marketing should be given greater prominence and backing by government in all the states since it generates revenue to government.
« Government should provide encouragement of entrepreneurship education on local groundnut oil production and marketing with relevant facilities to boost interest of the youths.
« Government should make provision for enlightenment programmes at the grassroots to help the spread of the economic benefits of local groundnut oil in the country, » he said.
Yinus said that groundnut oil marketing is a profitable business with attractive net return on investment but marketers were faced with several problems in their marketing activities.
« These problems negatively affecting the efficiency of groundnut oil include cost of transportation, lack of capital, lack of extension services, lack of price information, poor market infrastructures and bad roads.
« Other constraints are activities of middlemen, lack of government intervention, high rate of tax, lack of storage facilities, insecurity and insufficient capital available to local producers among others. »
Yinus said in spite of these problems, the economic benefits of local groundnut oil marketing were numerous as it creates employment to both the youths and women thereby reducing social vices.
« Local groundnut oil serves as source of income to both producers and marketers and source of foreign exchange to the nation.
« Local groundnut oil contributes to gross domestic product to the nation and as a product it can be sold for profit and settling bills. »
NAN reports that groundnut is one of the most important cash crops of the country.
It is a low-priced commodity but a valuable source of all the nutrients.
Groundnut is the sixth most important oil-seed crop in the world.
It contains 48 to 50 per cent oil and 26 to 28 per cent protein, and is a rich source of dietary fiber, minerals and vitamins.