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There is shortage of oil in Nigeria today that we have to import vegetable oil from other countries for our teeming population. This is due to over dependence on Crude oil and serious neglect of our agricultural development. The country that used to export food and oil now imports Vegetable oil for human consumption and these has led to very sharp increase in the prices of vegetable oil and palm oil in the market.
With the decline in oil production and the boom in the industrial sector of the economy, a lot of money is now in circulation chasing agricultural products in the market. The resultant effect is the daily increase in vegetable and palm oil prices as we experience in various market all over the country today, thereby making life very difficult for the common man.
It is in an attempt to rectify this ugly situation that the Federal Government introduced the Green Revolution Program and Operation Feed the Nation that are geared towards increased food/oil production within the country.
Palm oil is one of the world’s main source of edible and soap making oil through processing. It yields more oil annually than any other oil bearing plants. The use of oil palm and its products are numerous and vary for instance, the leaves are used in making broom and roofing materials, the back of the front is used in making basket, the trunk is used for various props and reinforcements. The sap is drink like local wine known as palm-wine which is very rich on yeast. There are many by product of palm oil (which is extracted from the fibrous layers of the nut) such as the products of candle, margarine and soap.
Objectives Vision:This project would seek to support the vision of Federal government through increased production of these food and cash crops to ensure local food security and potential for future exports to boost the National Income. The mission is poverty reduction and creation of employment for the populace .
Keys to Success
The firm has identified three keys that will be instrumental in its success. The first is the implementation of strict financial controls. By having the proper controls, production efficiency will be maximized. The second key will be the never ending pursuit for the industry's training, research and development. The third key is the recognition and implementation of the philosophy that 100% customer satisfaction is required to ensure a profitable business. Profits are a by-product of satisfying customers. Strength, Weakness ,Opportunities and Threats (SWOT) Analysis. Strength Large land mass Weakness One of the noticeable weaknesses is the inability of the country to produce mechanized farming equipment. The latter are imported from abroad and this may add to the cost as the currency exchange rate is a bit unfavourable. Opportunity Enormous demand for all the proposed products, the availability of raw materials, availability of labor, availability of suitable climate, employment opportunity for the populace Threats Foreign exchange instability which may affect the cost of farm equipment, Inappropriate agricultural policies that may restrain agricultural potential, Import tariffs that may put fertilizer out of producers’ reach thus leading to low yields. The palm plants are self sterile, therefore will not pollinate themselves to produce fruit. It is necessary to cross breed the plants to assure the maximum crop. The maize crop is phased out as the palms grow due to the shading effect of the palms.