…brings MoUs signed to 43, valued at $5.6bn
From Chuks Moses, Awka
Gov Willie Obiano has signed a Memorandum of Understanding (MoU)worth N1.4 billion with a private investor -NKO Farms Ltd for the improved production and processing of yam tubers and flour in the State.
The brief ceremony which took place at the Governor’s Lodge, Awka according to the details, was for the establishment of a 100-hectare farm and processing plant at Achalla, Awka North LGA of the state for the production of yam tubers and processed yam flour for export.
Under the deal, the investor would contribute 75 percent of the equity, which was put at about N1.07 billion while the State Government would bring the remaining 25 percent.
The investor is expected to mobilize to site within next 90 days, or the land title will be revoked, and automatically revert back to the State.
Gov Obiano disclosed that the investment brings to 43, the total number of MoUs signed by his administration totaling about US5.6 billion dollars, out of which 8 were already working and 14, at different stages of development.
He said with the comparative advantage the state has in yam production, the investment provides a viable export opportunity in line with his administration’s vision to transform the state’s Agric sector.
He therefore urged the investor to immediately hit the ground running towards ensure that the project was achieved on time.
The Chairman of the State’s Investment Promotion and Protection Agency, (ANSIPPA), and Igwe of Umuoji, Dr Cyril Enweze noted that the Agency had worked closely with the State’s Ministry of Agriculture in working out the modalities for the investment, said when completed, the project will help promote food security, create capacity building opportunities for outgrowers and improve the state’s Internally generated revenue(IGR).
The Chairman/CEO of the Investing Company, Mrs Cordelia Udo represented by the Managing Director, Mr Chekwube Okwuonu thanked the government for creating a conducive investment opportunity in the State and said they hope through the partnership, to achieve their vision of being an all-year round yam producer in the State.
The Managing Director of ANSIPPA, Mr Jide Ikeakor assured that the agency was poised to continue to drive the governor’s investment drive and expressed thanks to him for providing leadership that has made their job seamless.