The Federal Ministry of Agriculture and Food security, has said it is developing the coconut market with a determination to make more than $250 million at the end of the year.

The ministry also aims to create jobs, increase opportunities across the value chain and boost local economic development.

Permanent Secretary at the ministry, Dr. Marcus Ogunbiyi, disclosed this at the opening of the coconut planting season in Abuja.

Titled, “Coconut Revolution in Nigeria: Globally Competitive Advantage for the Actualization of Coconut Sufficiency in Nigeria (COSIN)” the event is an awakening to the importance of coconut cultivation in Nigeria.

Ogunbiyi, represented by Mr. Abdulrahman Balarabe, Director II at the Federal Department of Agriculture, highlighted the importance of such an event as

a turning point in the country’s collective effort to promote agricultural development, economic growth and sustainability.

He applauded the National Coconut Producers, Processors and Marketers Association of Nigeria (NACOPPMAN), for the important roles it plays in changing the story of coconut cultivation in the country.

“As an export commodity, coconut provides a sustainable means of livelihood for more than five million families across Nigeria.

“With projected revenue of over 250 million dollars by the end of 2025, the coconut value chain holds enormous potential for transforming rural economies, generating employment, and contributing to national development,” he said.