ASABA/Nigeria: Delta State Governor, Rt. Hon. Sheriff Oborevwori, has announced that the Delta State Commercial Oil Palm Plantations Growers Cooperative Society Limited (DELCOM COOP) project is set to attract nearly $1 billion in development finance over the next decade.
Speaking at the launch of the DELCOM COOP/Delta State Oil Palm Plantations Development Land Bank and Agric Data in Asaba, Governor Oborevwori emphasized that the initiative would create thousands of jobs, boost the local economy, and position Delta State as a leader in Nigeria’s agricultural transformation.
He described the project as a key component of his administration’s MORE Agenda, aimed at unlocking the vast potential of agriculture, particularly the oil palm sector, as a driver of sustainable development, wealth creation, and improved livelihoods.
“This journey began on November 20, 2018, when the Delta State Government, under my predecessor’s leadership, initiated a bold partnership with the Central Bank of Nigeria (CBN). That meeting laid the foundation for our commitment to the CBN’s 10-year Oil Palm Development Initiative, designed to restore Nigeria’s global leadership in oil palm production,” Oborevwori stated.
According to him, Delta State is committed to contributing 100,000 hectares of farmland to the national initiative, leveraging the CBN/Bankers Committee’s N500 billion RSSF-DCRR Funding Facility to access N120 billion for a decade-long transformation of the oil palm industry.
Since the establishment of DELCOM COOP in 2020, the cooperative has grown significantly, expanding from 41 companies and 1,971 smallholder farmers to 145 companies and 3,080 smallholder farmers. The governor attributed this success to strong government support and stakeholder commitment.
A key feature of the project is the Delta State Model—a community-driven approach that ensures local participation in both land ownership and profit-sharing. “Through the Community Land Release and Participatory Model, 68 host communities across Delta North, Central, and South have voluntarily released 130,000 hectares of arable land, surpassing our initial 100,000-hectare target,” Oborevwori revealed.
Under this model, 10% of the land is reserved for indigenes, while 22% of annual net profit from commercial operations will be allocated to host communities.
To further drive the project, the state government plans to establish six strategic hubs for processing fresh fruit bunches (FFB) into high-value products such as palm oil, palm stearin, and organic fertilizer. The first phase of the project, covering 30,000 to 35,000 hectares, will see the establishment of two oil mills at an estimated cost of $150 million within two years. To support this, the government has approved a N25 billion ISPO guarantee for Tranche 1 of Phase 1.
Governor Oborevwori assured that sustainability is at the core of the project, with DELCOM COOP providing a counter-guarantee to ensure self-financing for the second phase of 65,309 hectares. He added that intercrops such as cassava, maize, soybeans, and sorghum would be cultivated and sold to appointed off-takers within the first year to generate additional revenue.
“By revolutionizing our oil palm industry, we are creating economic opportunities, particularly in rural areas where access to finance and infrastructure has been limited. This project will also foster peace and security by empowering communities and ensuring they have a vested interest in its success,” the governor said.
Oborevwori called on traditional rulers, community leaders, and stakeholders to sustain their support, emphasizing that the transformation of Delta’s oil palm industry was not just a government initiative but a collective effort requiring the commitment of all stakeholders.
Earlier, Secretary of DELCOM, Dr. Felix Okonti, projected that the initiative could lift two million Deltans out of poverty and create 15,000 millionaires and 1,080 billionaires by 2032. He disclosed that a foreign private equity fund was being processed to secure $900 million for the development of DELCOM COOP’s 100,000-hectare plantation and six large-scale 150 MTPH FFB Oil Mills.
Okonti added that the DELCOM Project has the capacity to generate 288,700 jobs in the first phase and one million jobs in the long term, positioning Delta as a hub for agricultural transformation and economic growth.
