Edo to benefit from $250 million foreign investment

The Edo State Governor, Godwin Obaseki said the state is set to benefit from a U.S. government’s financing to the tune of $250 million for oil palm and cassava value chain development.

Mr Obaseki said that the facility would also be invested in special agro-processing zones and renewable energy infrastructure in Edo.

The governor disclosed this on Tuesday at the Fayus Oil Palm Plantation expansion inauguration ceremony in Ewan Usi community, Uhunmwonde Local Government Area of the state.

He said his administration was committed to providing 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.

Mr Obaseki, who was represented by the Head of Service, Anthony Okungbowa, 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 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 the company has invested in oil palm plantation, milling, refinery and cassava processing facilities in the state.

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He said the company has an oil palm nursery and plantation expansion plan in Ewan Isi community in Uhunmwonde Local Government Area and an oil palm plantation project in Owan West Local Government Area, with financing support from the U.S. government.

Also, Tunji Bello of Shine Bridge Global Inc., Chesapeake, Virginia, said that the $250 million facility was driving the investment in Edo, adding that the investment would improve the livelihood of people in the state.

The Chief Executive Officer, AfricaGlobal Shaffer, Adam Cortese, said the political will of the state government and the commitment to the Edo State Oil Palm Programme was instrumental in attracting the investment.

He noted 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.



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