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HomeUncategorizedAll Is Now Set For The First Ever ZOBO FESTIVAL #zobofest

All Is Now Set For The First Ever ZOBO FESTIVAL #zobofest

As global economies struggle to mitigate the harsh reality of a looming economic recession in the face of the recent COVID-19 pandemic, nations now more than ever, are forced to look inwards in search of creating sustainable means aimed at mitigating the hard biting challenges of a recession.

Recently, the IMF warned that nations may be facing what has been considered the toughest

economic recession since the great depression. As Nigeria much like global counterparts continues to rejig and rethink its economic policies to meet the current realities and keep its economy afloat post covid19, there is no better time than now to put the lingering issue of economic diversification on the front burner.

Being an oil dependent economy, Nigeria continues to struggle at every slight dip in global oil prices. In light of the recent pandemic, the government has had to rework and reduce its national budget in an attempt to shift its oil price benchmark to suit the current realities of global oil price. Much like preceding governments, the current government of Muhammadu Buhari has initiated diversification attempts but as has become a norm, there has barely been any clear roadmap towards achieving real sustainable economic diversification.

While it may be argued that the current crises may be a lot less fatal than some earlier pandemics experienced throughout human history, its hard- hitting effect on the economy is equally unprecedented. Shutting down global economic activities for an average of 4 weeks in many nations resulting to unprecedented job losses, business closures, and the concomitant mental health issues that have followed.

If nothing, this presents an opportunity for the Nigerian government to deeply look inwards as it starts to consider reopening its economy. What are the drivers of economic diversification? What routes are sustainable? What are the sectors that must be given full attention? It is the light of the foregoing, that the organizers of the first-ever ZOBO FESTIVAL #zobofest are leading the drive for a sustainable economic diversification driven by a zobo economy.

 

The event is themed steering conversations on economic diversification driven by the zobo economy. In line with the new realities, the zobofest is an entirely digital-driven event that will hold on Instagram Live on the 9th and10th, June, 2020.

Stakeholders including, farmers, processors, regulators, financiers, enablers, and consumers will be engaged on Instagram Live. The idea is to bring to the fore, the economic benefits that may be derived if appropriate attention and support is extended to the hibiscus product value chain . A lot more can be derived from the hibiscus value chain beyond just zobo.

Several industries derive their by-products from this Natures gift that springs from theNigerian soil and has a rich history of being a therapeutic healer from ancient times across the world.

Demand for hibiscus and its products have seen exponential growth driven by the discovery of its efficacy in the management of high blood pressure which often leads to stroke and hypertension. Studies also show that one in every three adult Nigerian may suffer high blood pressure. From pharmaceutical to beauty to food, beverage & confectionery, the hibiscus provides input.

While some quarters celebrate the nearly $40M the nation earned in 2017 from the export of dried zobo leaves, we use this opportunity to reiterate that a lot more could be earned only if we add value to our commodity. Suffice to say that, as we export our commodities, we continue to export our jobs and increase our dependency and poverty rate.

We must now more than ever dedicate effort towards developing the value chain by creating incentives to hibiscus farmers and ensuring enabling environment for off-takers and processors to develop products while there is a matching deliberate effort at encouraging local consumption. In this guise, the government must not only be seen to be mouthing policies but must take proactive and realistic approach towards expanding the product value chain as it holds huge potentials of becoming a major employer of labor and ultimately an income earner for the government.

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