FG recommended to invest in natural rubber due to the high potential returns

For the natural rubber industry to regain its top spot and reap the huge rewards that come with it, the federal government has been urged to spend more in it.

The request was made at a gathering of 57 important rubber stakeholders from the public and private sectors in Abuja to launch a book on Rubber Development in Nigeria.

They saw that the nation’s enthusiasm for rubber production was at its lowest point because it is thought to be less lucrative than other cash crops.

In their various scientific presentations delivered at the occasion, Dr. Timothy Esekhade, research director and coordinator of the International Rubber Research Board, and Nuah Omisanya, director general of National Automotive, made the decision.

“To entice additional investors into the rubber business, the government should make more investments in advocacy and enlightenment.

The reason for this is because rubber production in Nigeria has been steadily declining, causing the nation to drop from being the top producer of rubber in Africa to the second-highest producer.

They bemoaned the fact that the government has subsequently cut ties with the industry even to the point that the state chapters of the recognized Rubber association, NARPPMAN, no longer get assistance from the government in the form of lands, seedlings, and access to financial help.

They lamented the farmers’ low level of awareness of the numerous investment opportunities present in the rubber value chain.

They argued that additional study is required to enable a shortening of the gestation time of rubber in order to draw in more farmers to the industry.

The stakeholders emphasized the requirement for the formulation of a National Policy for Rubber Development in Nigeria in order to reposition the rubber industry.

Smallholder rubber farmers must compare notes with other major rubber-producing countries in Africa and around the world to identify deficiencies and reclaim leadership positions in the sector, they said, while urging farmers to turn their sector’s issues into chances for the sector’s revival.

In order to encourage expanded production and support the existing export price of Nigerian rubber, which is lower than local prices due to reasons that center on competitiveness, they emphasized the importance of providing facilities to rubber investors.

Because local processing factories aren’t running at full capacity, local producers are now importing rubber from nations like Cote D’Ivoire.

The growth of plantations with improved and quality seedlings along the rubber producing belt, as well as the manufacture of quality seedlings for distribution to rubber farmers, are also necessary.