GDP boost through natural rubber: Governors of producing states charged to leverage World Summit

By Ezurike Ugochukwu

As the federal government hosts the International Rubber Study Group (IRSG) 55th Annual Assembly and the 2024 Rubber Summit in Abuja scheduled for 30 and 31 of July, 2023, governors of natural rubber-producing states, have been urged to take advantage and position their states for investments in the industry.

The three-day conference slated to be held at the Banquet Hall of the Presidential Villa Abuja is expected to be declared open by President Bola Ahmed Tinubu.
The host minister is Doris Nkiruka Uzoka-Anite, Hon. Minister of Industries, Trade, and Investments.

The minister since she assumed duty has continued to emphasize the economic importance of the subsector and why the rubber-producing governors and their key rubber players should attend.

The summit was earlier scheduled to hold between May 20-24 but was later postponed till this July.

Aware of the vast swaths of natural rubber reserves that could be harnessed in the country especially in the southern part of Nigeria, regarded as the stronghold of the cash crop.
Such she said has necessitated the federal government’s move to secure the hosting rights for the summit knowing that the rubber industry is of critical importance to the country’s economic sustainability.

Processed dry rubber sheet

Earlier In his statement, the national vice president of the National Rubber Producers, Processors and Marketers Association of Nigeria (NARPPMAN) for the South-South, Usen Umoh, also appealed to governors in the region, which is regarded as the bastion of rubber production, to ensure participation.

He said, “This summit presents an unparalleled opportunity to rejuvenate the rubber industry, fostering economic growth, environmental sustainability, and social progress within the South-South region.

“By engaging in this summit, our states can attract investments, boost local economies, and create jobs.”

He disclosed that rubber is a vital cash crop with significant export potential, revealing that global leaders and industry experts will provide invaluable insights into the latest advancements and opportunities in the rubber sector.

Umoh listed key advantages, saying rubber plantations contribute to carbon sequestration, which enables them to combat climate change and promote ecological balance.

He maintained that participation in the summit will enable producing states to adopt sustainable practices and enhance their commitment to environmental conservation.

In view of the harsh times, Umoh called for the revitalisation of the rubber industry to improve the livelihoods of thousands of farmers and their families.

It will be recalled that in a press statement signed early this year at the hight of preparing for the May proposed summit, Terhile-Sende Magdarlyn for the Director, Press and Public Relations, Ministry of Industry, Trade and Investment released on statement of IRSG Secretary General.

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According to his remarks, Joseph Adelagan, Secretary General, International Rubber Study Group (IRSG), highlighted the potential of the rubber industry giving the assurance that it can attract the right investment to Nigeria, adding that funding is available for rubber production but access to these funds is the problem.

He noted that many people do not know how to write bankable business proposals, and forms are received but not treated because they do not meet the criteria of what is needed.