The inauguration of St Gabriel Coconut Oil factory in Akwa Ibom State on 13th May 2023 is yet a major statement made by the administration of Mr Udom Emmanuel, that can alter the the current political dynamics in his favour.
The Coconut Oil Factory which is owned by Akwa Ibom State Government has the capacity to process 1,000,000 nuts, 300,000 per shift and 66 tonnes of oil in one single day.
What does this mean for the economy of Akwa Ibom State? It means diversification which is exactly the major crux of Nigeria's economy.
Nigeria's economy is largely dependent on crude oil. A barrel of Brent Crude in the international market stands at about $112.49. A tonne of coconut oil in the international market stands at $2094.61. A tonne is equivalent to 7.49 barrels. It therefore translates that 7.49 barrels of Brent Crude at the value of $112.49 will amount to $842.55.
With the production capacity of 66 tonnes per day, Akwa Ibom State will be racking in $138,244.26. Going by Central Bank of Nigeria exchange rate of about #415.75 to a dollar, St Gabriel Coconut Oil Factory will generate #57, 475, 051.095 ( Fifty Seven Million Four Hundred and Seventy Five Thousand Fifty One Naira Ninety Five Kobo) and in a month will generate #1,724,251,532.85 ( One Billion Seven Hundred and Twenty Four Million Two Hundred and Fifty One Thousand Five Hundred and Thirty Two Naira Eighty Five Kobo).
One can only imagine the economic benefit that will come from expanding the production capacity of coconut oil refineries that would be replicated across the Federation when Mr Udom Emmanuel is given the nod to lead Nigeria.
Nigeria can become the world largest producer of coconut oil, a magic wand that Mr Udom Emmanuel already possesses. St Gabriel plantation is said to be the largest coconut plantation in Africa. In spite of Akwa Ibom being Nigeria's highest crude oil producing State, Udom Emmanuel has seen beyond today to begin a shift from our over reliance on petroleum.
With the seamless execution and realization of St. Gabriel Coconut Oil Factory and the massive economic gains it will bring to Akwa Ibom State, Governor Udom Emmanuel has made yet another bold claim to be the next President of Nigeria who has the key to unlocking the door of economic diversification of Nigeria. Indeed, the People's Democratic Party, PDP has in Udom Emmanuel an Aspirant with the midas touch.
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