The Ogun State Government has commenced moves to harness the economic potential of eucalyptus trees as part of efforts to boost internally generated revenue (IGR), create investment opportunities and promote sustainable forest management across the State.
The initiative, would be undertaken in collaboration with stakeholders in the forestry sector and Huafa Forest Resources Development of Nigeria Co. Ltd., with plans to introduce and cultivate eucalyptus seedlings across the state's forest reserves.
Speaking during a stakeholders' engagement at the Conference Room of the Ministry of Forestry, Oke-Mosan, Abeokuta, the Commissioner for Forestry, Hon. Taiwo Oludotun, urged charcoal dealers, timber contractors, farmers and other stakeholders in the forestry sector to embrace the initiative and take advantage of the economic opportunities presented by eucalyptus cultivation.
Oludotun, said the initiative would not only provide an additional source of income for participants in the forestry value chain but also contribute significantly to the state's Internally Generated Revenue (IGR).
According to him, eucalyptus has a relatively short maturity period of between four and five years, making it an attractive investment compared with some other economic tree species that would require more than 10 years to mature.
The Commissioner also disclosed that oil extracted from eucalyptus leaves had been touted widely used in the production of mosquito repellents, creating additional economic value from the plant.
He explained that the Ministry adopted eucalyptus cultivation as part of its strategy to promote sustainable forest development, expressing optimism that, demand for the tree would continue to increase because of its diverse industrial and commercial applications.
He noted that eucalyptus wood could be used for furniture production, paper manufacturing, roofing materials and several other purposes, thereby providing a ready market for farmers and investors.
Also speaking, the Marketing Manager of Huafa Forest Resources Development of Nigeria Co. Ltd., Mr. John Yi, said the company had secured a good numbers of hectares of land across the country, with the capacity to cultivate and produce more than eight million seedlings annually.
Yi, explained that the eucalyptus tree was characterised by rapid growth, strong wood and a survival rate of about 90 per cent, making it highly suitable for commercial plantation development.
He said the company believed the investment offered the potential for high returns with relatively low production risks, adding that farmers could harvest the trees within four to five years due to their fast growth rate and strong market demand.
According to him, about 1,650 eucalyptus seedlings could be planted on one hectare of land using a spacing of two metres by two metres.
Yi, further announced a price reduction for stakeholders purchasing the seedlings in large quantities, stating that the cost would be subsidised from ₦600 to ₦360 per seedling.
He added that a mature eucalyptus tree could fetch about ₦12,000 or more, depending on prevailing economic conditions and market prices at the time of harvest.
A stakeholder and Professor of Forestry and Conservation at the Federal University of Agriculture, Abeokuta (FUNAAB), Prof. Segun Oladoye, described eucalyptus as a tree species with significant economic potential.
Oladoye, said its high survival rate and relatively fast growth had made it attractive to investors and farmers, adding that Ogun State would derive substantial economic benefits from the initiative in the coming years.
He noted that the investment would particularly benefit stakeholders involved in commercial tree planting, as it had the potential to generate attractive returns over time.
The professor also highlighted the adaptability of eucalyptus to agroforestry, explaining that the seedlings could be cultivated alongside crops such as pepper, tomato and maize under appropriate farming practices.
He encouraged farmers and other stakeholders to explore the opportunities presented by eucalyptus cultivation while adhering to proper forestry and agroforestry management practices.
The highlight of the event was the symbolic presentation of eucalyptus seedlings to stakeholders and the State Forester, with the beneficiaries pledging to invest in the cultivation of the tree and support the state's efforts towards sustainable forestry development.
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