The coconut sub-sector is set to receive a significant boost with a budget allocation of $78 million in 2024, as announced by Finance Minister Ashni Singh.
In his budget presentation, Singh noted that since returning to office, the government has been actively working on the development of the coconut industry, resulting in the cultivation of 31,500 acres of coconut farms. To further support the growth of this sector, the government has established 10 additional coconut nurseries across the country, providing essential support services to areas that were previously underserved.
In 2023 alone, he said, the coconut industry saw significant progress. A total of 40,000 seedlings were produced, while 13,000 high-yielding coconut seed nuts were imported to improve coconut productivity nationwide. In addition to these initiatives, an additional 1,274 acres of land were cultivated for coconut production, and 297 farmers received specialized training to enhance their expertise in coconut farming.