• April 18, 2021

Edo State Signs N100B Investment Pact With 7 Oil Palm Investors Under ESOPP


(AGENDAWATCHDOG) – The Edo State governor, Godwin Obaseki, has signed a pact worth nearly N100 billion with seven oil palm investors under the Edo State Oil Palm Programme (ESOPP) Investors Group to rejuvenate oil palm production for global competitiveness.

Obaseki, who reassured that his government would sustain reforms and policies to ensure an enabling environment for businesses to thrive, thanked the investors for their interest in the state.

The governor said: “We thank all of you for the interest you have in partnering with us in Edo State to fulfil our mandate under the ESOPP, designed to boost agricultural production in Edo State. “This journey started a while ago, but today’s event marked the beginning where allottees will take over the plots allocated to them to cultivate oil palm in the state.

“This exercise today, which involves the signing of 45,000 hectares of land to about seven companies for the purpose of cultivation of oil palm, will make Edo one of the largest, if not the largest oil-producing states in Nigeria. This is the first phase. And the second phase, which we hope will be concluded this year, will be about the same size of land.”

READ ALSO: 30 Agric Extension Agents In Edo Trained By FG For 2021 Farming Season

The governor thanked the Central Bank of Nigeria (CBN) for supporting agricultural development in Nigeria, particularly the oil palm programme, and assured that the almost N100 billion that it would be spending on the investment would yield the required returns.

Earlier, the Protem Chairman, ESOPP Investors Group, Rasheed Sarumi, congratulated the governor on his vision in making the state an investment destination.

PROJECTED IMPACT: With Edo State remaining the nucleus of oil palm production in Nigeria, not only in production but processing, the partnership will create room for other allied industries to leverage and deliver the dividends to Edo people in terms of empowerment, job creation and involvement of the host communities in modern agriculture, which investors will bring to enhance their livelihoods.


Agenda Watchdog

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