Governor Biodun Oyebanji has authorised a 50% subsidy on oil palm, cocoa, and cashew seedlings for distribution to farmers in Ekiti State this planting season. The initiative aims to revitalise tree crop production, generate employment, and restore Ekiti’s prominence in cocoa cultivation.
According to the Commissioner for Agriculture and Food Security, Mr Ebenezer Boluwade, the subsidy seeks to replace ageing trees in old plantations and those lost to bushfires with improved seedlings, ensuring shorter gestation periods for enhanced productivity.
Also, this initiative will help the farmers benefit from the current price surge in the global cocoa market, with commodities reaching $10,000 per metric tonne.
Legacy farmers and newcomers are urged to seize this opportunity, with additional government support in the form of agrochemicals to combat fungal diseases and pests, leading to improved yields.
Interested farmers can obtain payment details from the Tree Crops Department of the State’s Ministry of Agriculture and Food Security.