Ambali, who disclosed this in Ilorin while addressing the 239th meeting of the Senate of the university, put the cost of the proposed plantation at N1.2 billion.

   According to him, this is in the bid to fully discharge the university’s three-pronged mandate of teaching, research and community service.

  The vice chancellor said that the Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, would flag off the project on Thursday, May 15.

   He said that the Minister of Education, Nyesom Wike and Agriculture Minister, Dr Adewunmi Adeshina would join Okonjo-Iweala.

  Ambali said that the plantation would provide training and laboratory facilities for students in the Faculties of Agriculture and Environmental Sciences.

  He said that students in the Departments of Forestry, Plant Biology and other related disciplines would also benefit from the project.

  The vice chancellor said that the plantation would also be a good source of internal revenue for the university.

  Ambali disclosed that clearing of the site would commence in earnest ahead of the May 15 flag-off date.

  He said that a renowned Professor of Agriculture, Job Atteh, had been appointed as the Chairman of the Oil Palm Plantation Committee.

  Speaking at the meeting, Atteh said that the plantation, planned to kick-off with 10 hectares in the first instance, would be “a highly profitable venture.”

  He said that land clearing had already commenced, while the committee had brought in 2,000 oil palm seedlings from the National Institute for Oil-Palm Research (NIFOR) in Benin City, Edo.

  Atteh said: “We have the Tenera variety, which has high oil content in the fruit and it is expected to start fruiting in two to three years.”

  On the revenue prospect from the venture, he said that at maturation, the university would reap 10 tonnes of fresh fruits from each planted hectare.

   “We expect to get 4,000 kilogramme of palm oil, 500 kilogramme of palm kernel oil and 600 kilogramme of palm kernel cake”, he said.

  Atteh said that the revenue would be at about N1.2 billion per annum from the 1, 000 hectares at the peak of production.