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Firm to invest 120m dollars in cassava plant in Edo

12 November 2015, 20:17

Abuja - A private firm, Roots Biochemical Products Limited, has begun plans to establish a 120 million dollar (N22.8 billion) cassava farm and processing plant in Edo.

The prospector for the project, Mr Franz Swanepoel, announced this in Abuja on Thursday during a visit to the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Mrs Uju Hassan-Baba.

Swanepoel said that 80 million dollars of the amount would be invested in a maltose syrup factory while 40 million dollars would go into primary agriculture.

He stated that the project would provide direct employment for over 5,000 skilled and semi-skilled Nigerians, including engineers, biochemists, agronomists, technicians and farmers.

According to him, the facility will also engage thousands more as out growers for the production of cassava feed-stock for the factory.

Swanepoel cited the huge market and government’s current emphasis on the agricultural sectors as the two major factors that informed the company’s choice to invest in the country.

Also read: Nigeria needs to invest deeply in technology

He said the project would take off in 2016 after conclusion of due diligence by the company.

Swanepoel added that he was at the NIPC to avail the company of the commission’s investment facilitation services to make the process hitch free.

Responding, the NIPC Executive Secretary, Hassan-Baba commended the firm for showing interest in the country’s agriculture sector, which she said was a priority for the current administration.

The Hassan-Baba expressed delight by the value addition component of the project with huge potential for job and wealth creation, technology transfer and other deliverables.

She commended the team for making the NIPC its first port of call, noting that the commission was the only government investment promotion and facilitation agency in the country.

"I can assure you that all the information and relevant services you need to operate can be provided here. NIPC will shepherd you through the entire process.

"You do not need to physically visit other relevant government agencies because they all have desk officers here in our one-stop shop in this building,’’ she said.

Hassan-Baba highlighted some of the incentives offered by the federal and state governments for investors in the agricultural sector, and urged the company to access them.

She also assured the team of transparency by government, noting that it would not experience any corruption related issue given the current fight against the menace. 




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