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FG Boosts GDP Via $2.5bn Castor Oil Market

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The federal government is set to boost the nation’s agricultural economy by investing in the global castor products market estimated to be over $2.5 billion. The director-general of the Raw Materials Research and Development Council (RMRDC), Dr Hussain Ibrahim, made this known during the presentation ceremony of improved castor seeds to farmers in Abuja, yesterday. Ibrahim, represented by the council’s director of Technology Development Department, Dr Abimbola Ogunwusi, averred that castor crop plays a role in agricultural economy and can earn substantial foreign exchange through export of castor seed and castor oils.

He said that castor would also improve the fortune of telecommunications, pharmaceutical, cosmetic and perfume industries, saying that other local industries that will benefit from the castor economy are: agriculture, food, paper, electronics, textile and rubber industries. “Because of its unlimited industrial applications, castor oil enjoys tremendous demand worldwide. Castor crop plays an important role in agricultural economy and can earn substantial foreign exchange through export of castor seed and castor oils”, he added. The RMRDC boss said local capacity to process castor seed into oil and other derivatives has increased, adding that annual production of castor seed has jumped from less than 5000tonnes per annum to more than 20,000 tonnes per annum in the last five years. In his remarks, the president of Castor Growers, Processors and Marketers Association of Nigeria, Lawal Ali, said the farmers would make use of the improved castor seeds to increase the production in order to export the products.





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