Ekiti Offers 50% Subsidy To Farmers On Cocoa, Cashew, Oil Palm Seedlings

Governor Biodun Oyebanji of Ekiti State has approved a 50% subsidy on oil palm, cocoa, and cashew seedlings to boost tree crop production during the current planting season. The initiative, led by the Commissioner for Agriculture and Food Security, Mr. Ebenezer Boluwade, aims to revive Ekiti State’s agricultural sector, particularly cocoa, reminiscent of its 1970s prominence. The scheme seeks to replace old and fire-damaged trees with high-yielding seedlings, supporting both existing and new farmers. The government also plans to provide agrochemicals to enhance crop protection and increase yields amidst rising global cocoa prices, currently at $10,000 per metric tonne.                        Source: Daily Trust

Our Review                                                                                                                                                                                                                                    Ekiti State Governor Biodun Oyebanji’s 50% subsidy on oil palm, cocoa, and cashew seedlings aims to rejuvenate tree crop production, fostering employment and prosperity reminiscent of the state’s cocoa glory days. Interested farmers can access the subsidy through the Tree Crops Department, part of Oyebanji’s strategy to revitalize the sector and attract new, dedicated farmers. The initiative targets replanting aged or lost trees with high-yield varieties, complemented by agrochemical support to ensure optimal growth and prevent diseases. With global cocoa prices soaring to $10,000 per metric tonne, Ekiti’s farmers stand to benefit from increased production and market demand. This initiative builds upon previous efforts, emphasizing the government’s commitment to harnessing agriculture for economic development.