Edo to access $250m investment in oil palm, cassava value chain, as Obaseki assures support for investors
…Fayus Inc expands oil palm plantation
The Edo State Governor, Mr. Godwin Obaseki, has reiterated his commitment to provide a conducive environment for investors in the state, as part of concerted efforts to diversify the state’s economy and provide jobs for its teeming youths.
This is as the government is set to benefit from a United States Government’s financing to the tune of $250m for oil palm and cassava value chain development, special agro-processing zones and renewable energy infrastructure in Edo.
The governor said this at the Fayus oil palm plantation expansion ribbon-cutting ceremony in Ewan Usi community, Uhunmwonde Local Government Area of Edo State.
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 added that the state government has set up the Edo State Oil Palm Programme (ESOPP) to create the necessary interface to harness its arable land in driving economic activity and creating wealth.
On his part, Chairman, Fayus Nigeria Limited and Fayus Inc., Sacramento, California, Fatai Yusufu, said the company has invested in oil palm plantation, milling, refinery and cassava processing facilities in the state.
He noted that the company has 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 United States Government.
Also, Dr. Tunji Bello of Shine Bridge Global Inc., Chesapeake, Virginia, said a $250m facility is driving the investment in Edo State, adding that the investment would improve the livelihood of people in the state.
The Chief Executive Officer, AfricaGlobal Shaffer, Mr. Adam Cortese, noted that the political will of the state government and the commitment to the ESOPP was instrumental in attracting the investment, noting that it was an opportunity to strengthen government-to-government trade and investment for oil palm and High-Quality Cassava Flour (HQCF) used in consumer packaged goods.