The Raw Materials Research and Development Council (RMRDC) has restated its commitment to adding value to the nation’s raw materials to drive economic growth and development.
The move, according to the council, is geared to help Nigeria conserve its scarce foreign exchange spent on importing commodities for which the nation has competitive and comparative advantage in producing.
The Lagos state coordinator, RMRDC, Tokunbo Habeeb, at the commissioning of Agape Great Grace Ventures’ bleached Castor oil production facility in Nigeria located in Ogun State, said the demand for castor oil in Nigeria is huge, stating the Council’s resolve to support farmers with improved castor seeds to boost the production of castor oil in the country.
“We also have plans to revitalise all the raw materials in the 10 sectors of the Nigerian economy and once we identify a private sector player showing interest in the nation’s raw material development, we will provide the data on the raw material requirement.
“Castor oil is a major oil used in the cosmetic industry and it has cost the country so much money importing this commodity. This is why we assembled the farmers to provide the seeds while also ensuring that we provide some vital equipment to enhance their agronomic practices.”
He said the council would also organise a buyers-sellers conference to expose the nation’s huge potential in castor oil production.
The managing director and chief executive officer, Agape Great Grace Ventures, Mrs. Omololu Ope-Ewe, said the market for castor oil is huge, and commended the Council for providing castor seeds to farmers in the Southwest region.