…as Okomu Plc Achieves Over 200% Growth in Export Revenue
In the face of Nigeria’s persistent currency exchange challenges following the Federal Government’s decision to float the naira, strategic initiatives by the Edo State administration, led by Governor Godwin Obaseki, could result in substantial foreign exchange gains for businesses within the state.
Okomu Plc reported a remarkable 206.2% increase in export revenue for the first half of 2024, reaching N7.74 billion compared to N2.53 billion during the same period in 2023.
Edo State has actively prioritized the growth of its oil palm sector over the past five years through the Edo State Oil Palm Development Programme (ESOPP). This initiative has attracted $3 million in investments from ten entities, developing over 70,000 hectares of oil palm plantations across the region.
Dr. Graham Hefer, CEO of Okomu Plc, credited the state government’s progressive policies for creating an enabling environment for investors. “The structured reforms in agriculture introduced by the government have significantly improved business operations,” Hefer explained. “Government institutions are now more collaborative, offering better tools, systems, and support for companies in the sector.”
In addition to export growth, Okomu’s domestic sales rose by 76.7% in the first half of 2024, climbing to N67.27 billion from N38.07 billion recorded in 2023.
Several investors, including Flour Mills of Nigeria (FMN), Dufil Prima Foods Limited, Bravag Limited, Green Hill Agricultural Products Limited, and Fayus Inc., are leveraging backward integration strategies and export opportunities in the oil palm industry to tap into the global market.
The Edo State government reiterated its goal of empowering businesses within the state to secure foreign exchange earnings, enhance productivity, and strengthen the state’s overall economic competitiveness.
