Delta gov unveils $1bn oil palm investment, targets 288,700 Jobs

Governor Sheriff Oborevworiof Delta State has unveiled a plan to attract nearly $1 billion in development finance for Delta State’s oil palm industry over the next 10 years, positioning the state as a leader in Nigeria’s agricultural transformation. Oborevwori disclosed this while speaking in Asaba at the launch of the Delta State Commercial Oil Palm […]

Governor Sheriff Oborevworiof Delta State has unveiled a plan to attract nearly $1 billion in development finance for Delta State’s oil palm industry over the next 10 years, positioning the state as a leader in Nigeria’s agricultural transformation.

Oborevwori disclosed this while speaking in Asaba at the launch of the Delta State Commercial Oil Palm Plantations Growers Cooperative Society Limited (DELCOM COOP) Land Bank and Agric Data initiative, the governor emphasized that the project would create thousands of jobs, boost the local economy, and align with his administration’s MORE Agenda for economic diversification.

The governor noted that since DELCOM COOP was established in 2020, its membership had grown from 41 companies and 1,971 small holder farmers to 145 companies and 3,080 farmers. 

He attributed the success to the Delta State Model, a community-driven approach that allows host communities to retain land ownership while benefiting financially.

Governor Oborevwori said, “This is more than an investment in agriculture, it is an investment in Delta State’s future. 

“We are committed to contributing 100,000 hectares of farmland to the Central Bank of Nigeria’s (CBN) Oil Palm Development Initiative, with a target to access N120 billion in funding over the next decade.

“So far, 68 communities across Delta have released 130,000 hectares of land, surpassing our 100,000-hectare target. Ten per cent of this land is reserved for indigenes, while 22% of the net profit from commercial operations will be allocated to host communities,” Oborevwori said.

The project’s first phase, estimated at $150 million, will develop up to 35,000 hectares and establish two oil mills within two years. 

To support this, the state has approved a N25 billion ISPO guarantee for initial funding. The initiative will also integrate other cash crops such as cassava, maize, and soybeans to sustain financing.

Oborevwori called on traditional rulers, community leaders, and stakeholders to sustain their support, stressing that the initiative required collective commitment to succeed. 

“Together, we can unlock the full potential of this sector, create wealth, and build a brighter future for generations to come,” he added.

Secretary of DELCOM, Dr. Felix Okonti, disclosed that the project aimed to create 288,700 jobs in its first phase and over one million in the long run. 

He added that DELCOM COOP was processing a $900 million foreign private equity investment for further expansion, with a goal of lifting two million Deltans out of poverty and creating 1,080 billionaires by 2032.