By: Richard F. INOYO.
Chief Commercial Analyst
Carthinium Portfolios & Owners.
“Don’t let the government kill the issue”. I reiterated. The global timber market is currently over $535Billion US Dollars. You heard me.
Global estimates show that the market would be $726 Billion US Dollars by 2025, and $956Billion US Dollars by 2030 respectively, based on metric analysis on Compound Annual Growth Rate (CAGR) growing at a pace of 6.3%.
Even though Africa has vast potential in this area, she remains a net importer of timber, and State like Cross River State has already made nothing less than N20 billion naira over the last 50 months of unrestrained and unchecked illegal timber logging in Boki forest and elsewhere across the State.
Today, analyst like myself believe it could have been more, when forest products such as gums, balsam needles, rhizomes, fibers, Spanish moss, and ginseng, truffles, barks and fibre are integrated in the analytic mix.
Let me put it this way, the global timber market is currently richer than global rice market, global yam market and global cassava market combined.
The next time you see those timber trucks in drove, you are only but watching a billion naira worth trucks leaving your community. The question is why is Boki still underdeveloped with a single thin scary pothole ridden road linking Etung and Obanliku that is constructed without safety in mind?
Today, I urge us all to ask question where are all those timbers that were cut down from the olympotic vision of superhighway project went to.
Signed
Richard F INOYO,
Chief Commercial Analyst,
Carthinium Portfolios & Owners.
