• June 18, 2021

Ondo Partners Private Firm To Set Up N4.2bn Egg Processing Company

(AGENDAWATCHDOG) – The Ondo State Government and Imperial Capital are partnering to float an egg processing factory worth N4.2 billion, known as Sunshine Food Processing Concept Limited, located at Emure-Ile in Owo Local Government.

While Imperial Capital has 45 per cent equity, the Ondo State Government is investing 55 per cent shares. The factory is projected to generate approximately 10, 000 jobs, when fully functional, and will be saving the country not less than $30 billion annually hitherto spent to import eggs.

Ondo, Private Firm Float N4.2bn Egg Processing Company - THISDAYLIVE

500,000 eggs would be needed per day for the operation of the industry.

The industry is projected to be the biggest in the state when completed. The state will, however, sell its shares when the company becomes fully operational. The project would be completed within 12 months, and will be jointly funded by both partners.

POTENTIAL IMPACT: The economic benefits inherent in the investment will be countrywide and multifaceted as the country’s foreign exchange will be shored up due to the reduction in the pressure on dollars, the annual challenges being faced by poultry farmers will be addressed, industrial usage of eggs will be increased, which will stimulate the poultry industry, and more jobs will be created – full circle benefits from production, processing, marketing to foreign exchange earnings.

Ondo, Private Firm Float N4.2bn Egg Processing Company | AgriBiz

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