Edo Eyes $250m Investment in Oil Palm, Cassava Processing
The Edo State government said that the state is set to cash in on $250m worth of financing from the United States of America for oil palm and cassava value chain development, special agro-processing zones and renewable energy infrastructure in the state.
Governor of Edo State, Godwin Obaseki, disclosed this at the Fayus oil palm plantation expansion ribbon-cutting ceremony in Ewan Usi community, Uhunmwonde LGA.
Obaseki, who was represented by the Head of Service, Anthony Okungbowa Esq., noted that the state was keen on providing necessary incentives to investors in the oil palm and cassava value chain in the state.
He assured of the governor’s commitment to provide a wholesome environment for investors in the state as part of united efforts to diversify the state’s economy and provide jobs for its teeming youths.
Okungbowa said that the state government had set up the Edo State Oil Palm Programme to create the necessary interface to harness its arable land in driving economic activity and creating wealth.
The Chairman, Fayus Nigeria Limited and Fayus Inc., Sacramento, California, Fatai Yusufu, said that the company had invested in oil palm plantation, milling, refinery and cassava processing facilities in the state.
He explained that the company had an oil palm nursery and plantation expansion plan in Ewan Isi Community in Uhunmwonde LGA and an oil palm plantation project in Owan West LGA, with financing support from the US.
Dr Tunji Bello of Shine Bridge Global Inc., Chesapeake, Virginia, said that a $250m facility was driving the investment in Edo State, adding that the investment would improve the livelihood of people in the state.
Reacting to the development, the Chief Executive Officer, AfricaGlobal Shaffer, Mr Adam Cortese, said that the political will of the state government and the commitment to the ESOPP was instrumental in attracting the investment.
He added that it was an opportunity to strengthen government-to-government trade and investment for oil palm and High-Quality Cassava Flour used in consumer packaged goods.