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By Joe Ezimadu
The Raw Materials Research and Development Council (RMRDC), has called on small and medium enterprises (SMEs) in Delta State to invest in plantain value addition, emphasizing its potential to drive economic development, create jobs, and reduce post-harvest losses.
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This came during a one-day investors’ forum organised by RMRDC on agro-processing, themed ‘Plantain Value Chain: A Hidden Potential for Economic Diversification and Wealth Creation.”
The Director-General, Prof. Nnanyelugo M. Ike-Muonso who was represented by the Deputy Director, South-South Coordinating Division Mrs. Bunmi Olufemi, stated that the forum was designed to address key national challenges, including food insecurity, unemployment, youth and women empowerment, raw materials value addition, and industrial development.
He noted that the growth of SMEs could lead to a more equitable distribution of income and investment opportunities, thereby helping to diversify the economy from its over reliance on petroleum. According to him, this shift would create jobs, stimulate economic growth, reduce poverty, and ensure shared prosperity.
Prof. Ike-Muonso highlighted that plantain, botanically known as Musa x paradisiaca, has immense industrial potential and is in high demand due to its nutritional and food value.
He revealed that in 2022, Africa’s total plantain production stood at 30.08 million tonnes, with Nigeria contributing 3.1 million tonnes. However, most of this was consumed domestically, with little to no value addition, despite high demand and production rate, he noted that plantain processing remains at a rudimentary level, significantly limiting the potential revenue it could generate.
He added that, if properly harnessed, the plantain value chain could earn foreign exchange and contribute meaningfully to President Bola Ahmed Tinubu’s Agricultural Transformation Agenda, particularly in the area of food security.
He emphasized that Delta State is rich in agricultural raw materials and produces plantain in substantial quantities. According to him, raising awareness about the economic and industrial potential of plantain is key, describing it as a veritable raw material. He also explained that RMRDC has, over the years, initiated several innovative programmes and projects aimed at actualizing its mandate.
Prof. Ike-Muonso disclosed that to foster more development of raw materials in Nigeria, the Council has proposed an amendment to its enabling Act to mandate a minimum of 30% value addition on all raw materials before export, noting that this policy would promote local processing, support domestic manufacturing, increase export value, and ensure farmers receive better returns for their efforts etc contributing to broader economic growth.
Delivering a keynote address at the event, the Special Adviser to Governor Sheriff Oborevwori on Trade and export, Mrs. Shimitte Love, spotlighted the vast investment opportunities within the plantain value chain. She urged SMEs in Delta State to take full advantage of these opportunities to generate wealth and drive economic diversification.
Mrs. Love also stressed the importance of proper packaging and branding to meet export standards. She revealed that committed SMEs would be linked with Financial institutions to access single-digit interest credit facilities. Including the N1 billion fund set aside by the state government to support such ventures.
The RMRDC State Coordinator Mrs. Lesley Okoh, affirmed that Delta State is blessed with numerous raw materials and viable value chains. She noted that the Council would further promote these sectors to attract SME investment. She explained that plantain was chosen as a focus of the forum due to the state’s comparative advantage in its production.
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Participants applauded RMRDC for organising such an enlightening event which they said would be highly beneficial to them. They expressed enthusiasm for exploring the plantain development and other agro-raw materials.
