A lecture organized by the Neem Foundation of Ethiopia promoted the economic possibilities of the Neem Tree. The potential to harvest and utilize the Neem tree in Ethiopia is unlimited said Dr. Taye Teferedegn, Chairman of the Neem Foundation.
The Neem tree has multifaceted use including medicine, industry, agriculture and environment according to Taye.
The chemical Azadirachtin alone which is extracted from the Neem tree earns 2.5 billion US dollars annually for India he noted. Azadirachtin is currently sold at about 1200 US dollars per kilogram on the international market according to sources in the biomedical industry.The Neem tree is a very versatile plant which can be used for timber and firewood while absorbing carbon to help with land conservation alongside its medicinal value said Sertse Sibuh, Forestry Case Team Coordinator at the Ministry of Agriculture.
The plant has not received adequate attention in Ethiopia so far but efforts are being exerted to collaborate with the Neem Foundation to maximize its use in the future according to Sertse.
The Neem Foundation of Ethiopia was founded in 1995 by Ethiopian scientists. The foundation is a non governmental organization that promotes the use of the Neem tree in Ethiopia.
The foundation has a target to plant more than one million Neem trees over the next five years in three regional states of Ethiopian.The foundation plans to begin the extraction of Azadirachtin and produce other Neem by-products.
The foundation partnered with an Indian academic and business delegation to share experience and research in the benefits of the Neem.
Source: Capital
