{"id":119059,"date":"2025-05-22T19:07:49","date_gmt":"2025-05-22T18:07:49","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=119059"},"modified":"2025-05-22T19:07:49","modified_gmt":"2025-05-22T18:07:49","slug":"nigeria-secures-300m-biofuel-refinery-investment-alabi","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-secures-300m-biofuel-refinery-investment-alabi\/","title":{"rendered":"Nigeria Secures $300m Biofuel Refinery Investment \u2013 Alabi"},"content":{"rendered":"
By Tracy Moses<\/div>\n
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Managing Director\/Chief Executive Officer of Davidorlah Farms, Mr. Oluwasegun Alabi, has revealed that a U.S.-based company is set to inject $300 million into Nigeria for the establishment of a biofuel refinery.<\/div>\n
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Mr. Alabi shared this development during a media briefing with Parliamentary Correspondents in Abuja, noting that the proposed facility would be situated in Ogun State due to the region\u2019s abundant agricultural produce, which would serve as raw materials for biofuel production.<\/div>\n
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He emphasized that with enhanced private sector involvement in agriculture, Nigeria has strong prospects of reviving its economy. Alabi also praised the quality of Nigerian pineapples, stating they are among the best in the world and represent a largely untapped value chain.<\/div>\n
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According to him, Davidorlah Farms has submitted a proposal to both the Federal and State Ministries of Agriculture to establish Agricultural Training Centres across the country, including all 36 states and the Federal Capital Territory.<\/div>\n
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He added that the company has already constructed a hostel with capacity for 100 rooms, capable of accommodating over 200 young people working on the farm.<\/div>\n
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Describing agriculture as the backbone of Nigeria\u2019s economy, Mr. Alabi noted that the sector holds tremendous promise for boosting the country\u2019s Gross Domestic Product (GDP).<\/div>\n
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However, he expressed concern over Nigeria\u2019s foreign exchange performance, lamenting that despite increased agricultural exports, the country still suffers from a trade imbalance. He cited figures from 2023 which showed agricultural imports surpassing exports by over \u20a61.037 trillion marking the fifth straight year of such a deficit.<\/div>\n
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\u201cThis gap is largely driven by the importation of processed foods like wheat, sugar, and concentrates, which Nigeria is capable of producing locally,\u201d Alabi stated.<\/div>\n
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He added: \u201cWhile oil continues to dominate Nigeria\u2019s foreign revenue streams, agriculture is fast emerging as a powerful alternative. Nigeria currently ranks fourth globally in cocoa exports, yet continues to import large volumes of food underscoring the urgent need for improved support and infrastructure for local farmers.\u201d<\/div>\n
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He argued that increasing agricultural exports would not only reduce Nigeria\u2019s reliance on oil but also shield the economy from international oil price volatility. Furthermore, the earnings from exports could be reinvested into improved tools, infrastructure, and farming techniques to boost productivity and farmer incomes.<\/div>\n
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Alabi maintained that Nigeria\u2019s consistent food imports cost the country billions annually. Davidorlah Farms, with its export-oriented strategy, aims to change this narrative by meeting international standards in pineapple cultivation and logistics, ultimately attracting foreign exchange and bolstering the naira.<\/div>\n
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\u201cWith vast arable land, favorable weather, and a hardworking population, Nigeria is well-positioned to leverage agriculture for sustainable development,\u201d he said. \u201cAgriculture has always been a key pillar of human existence and economic advancement.\u201d<\/div>\n
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He described agriculture as a lifestyle encompassing crop cultivation, livestock, fisheries, and forestry, all essential to human survival and industrial needs. He noted that agriculture remains Nigeria\u2019s largest economic sector, contributing roughly 24% to GDP and employing more than 36% of the workforce.<\/div>\n
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Strengthening the sector, he said, would help diversify the economy, lessen oil dependency, and significantly enhance national income, employment, food supply, and foreign exchange earnings.<\/div>\n
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Reflecting on the global shift away from fossil fuels amid climate change, Alabi noted that institutions like the World Bank are divesting from oil projects, creating new opportunities in renewable energy, particularly in agricultural waste conversion.<\/div>\n
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\u201cThis has driven many African countries to adopt technologies that transform agricultural waste into biofuel, biogas, and biochar,\u201d he said. \u201cIt\u2019s a clear sign that the future of Nigeria\u2019s prosperity is rooted not underground, but in our agricultural fields.\u201d<\/div>\n
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He stressed that agriculture remains Nigeria\u2019s best bet for diversification, food stability, and foreign revenue generation. \u201cBut we must ask ourselves: are we doing enough to realize this potential?\u201d he queried.<\/div>\n
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Alabi further emphasized the role of private enterprises in advancing agriculture. \u201cAt Davidorlah Farms, we are Nigeria\u2019s foremost pineapple producers. Our mission is to meaningfully impact Nigeria\u2019s agricultural economy through large-scale production and processing of pineapples for domestic use and export,\u201d he said.<\/div>\n
<\/div>\n
By engaging in the full pineapple value chain from cultivation to concentrate manufacturing, Davidorlah Farms contributes to food security, agro-industrial development, and overall economic growth, he concluded.<\/div>\n","protected":false},"excerpt":{"rendered":"

By Tracy Moses Managing Director\/Chief Executive Officer of Davidorlah Farms, Mr. Oluwasegun Alabi, has revealed that a U.S.-based company is set to inject $300 million into Nigeria for the establishment…<\/p>\n","protected":false},"author":1,"featured_media":119060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-119059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNigeria Secures $300m Biofuel Refinery Investment \u2013 Alabi - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-secures-300m-biofuel-refinery-investment-alabi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Secures $300m Biofuel Refinery Investment \u2013 Alabi - 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