Business: Norsworthy deepens agric investment with new oil palm estate

Business: Norsworthy deepens agric investment with new oil palm estate

- in World News
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With its 3,000-hectare oil palm plantation and processing plant, Norsworthy Farms has reiterated its resolve to deepen investments in Delta State and support government’s diversification plans with the sector.

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Delta State Governor, Dr. Ifeanyi Okowa, during the flag off ceremony, acknowledged investors’ renewed interest in the state.“I see this exercise as a good example of private sector participation in the economy. It is really ennobling when private sector organisations partner with government in the pursuit of sustainable development.

“The coming of Norsworthy Farms Oil Palm Plantation Project to Delta State is entirely not a big surprise as the Managing Director/Chief Executive of the company, Gabriel Ogbechie, is an illustrious son of the state, whose passion for the development of the state has always been on the front burner.

“With his Rainoil Group already a stabilised venture in the downstream sector of the oil and gas business, Ogbechie’s ambition on how best to use the proceeds from the business for the good of a larger number of Deltans ostensibly propelled him to found Norsworthy as an investment arm of Rainoil Group.

“The investment over time would go a long way to stem the increasing rural-urban migration initiative of the youths,” he said.However, Ogbechie hinted that Nigeria currently consumes an estimated 2.7 million Metric Tonnes (MT) of palm oil, with estimated demand-supply gap ranging from one million metric tonne to 1.7 million, adding that with this shortfall, there is need for additional investment.He noted that the firm has set the stage for the cultivation of a 3,000-hectare oil palm plantation with a 10-tonne per hour palm oil processing mill and a vegetable oil refinery for producing palm kernel and palm kernel cake for animal feeds.

“This giant stride being undertaken by Norsworthy is largely justified by the fact that palm oil is a key ingredient in the production of several items in the market and these include soap, cosmetics, biscuits, pharmaceuticals, margarine, detergent, lubricants, candles, feed stock and so on.“If the global palm oil market demand is anything to go by, there is undoubtedly the need for any wise investor like Norsworthy to cash in, on the existing opportunity to put their money where the returns on investment would certainly be in high digits”, he added.

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