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BUSINESS

Ekiti Attracts $40million Investment in Organic Fertilizer Project

February 21, 2024 • 3 min read

Ekiti State governor, Biodun Oyebanji, has secured a $40 million organic fertilizer factory in the state.

This came after a meeting with officials of Istanbul, Turkey-based Alliance Group in Ado-Ekiti

The governor had said his administration would continue to woo investors to the state in its bid to position the state as a major industrial and investment hub of Nigeria

The project, Oyebanji said, would boost employment, food production and agribusiness in the state.

He assure that his administration would continue to collaborate with institutions, development agencies and private sector players.

The governor affirmed the key role agriculture played in the lives of the people, stressing that the only way out of the present economic doldrums in the country was to increase and improve productivity.

“We came on board on the mantra of shared prosperity and continuity, and agriculture is so key for us as a people, we have challenges in the country today because of lack of productivity because if a people must prosper, they have to produce. Productivity is key to prosperity and government cannot be in the fore-front of that, the only thing government can do is to look for serious private investors and partner with them to ensure productivity”, he said.

Speaking further, Governor Oyebanji said the state had put measures in place for ease of doing business and to safeguard investments in the state, adding that his administration would continue to strengthen and sustain partnerships on projects that were relevant to the development objectives of government.

“Your concept of establishing an organic fertilizer factory in Ekiti State is a welcome development to us as a government, and to drive our investment portfolio, we have Investment Promotion Agency (IPA) headed by a professional and this is aimed at improving ease of doing business in the state. On this, we have structures, we have institutions, we have laws that safeguard investments in this state. We will also ensure that all obstacles towards doing business are removed.

“We just played host to a team from American Embassy led by the Deputy Ambassador and Consul-General with an investor, they’ve gone to our agric. processing zone, they want to invest in cassava. And we’ve been receiving serious investors in the state, I took your word when you said there is a need to accelerate; so, we are also ready to play along by providing all you will need to make the project succeed”, he stated.

Earlier, the leader of the delegation, Prof. Sidi Oso, said the organization was identifying regions in Africa, particularly Nigeria, looking for states with economic prospects and potential for development in the area of investment, adding that the organization had concluded plans to set up an organic fertilizer factory in the state.

While stressing that Ekiti had the necessary raw materials in the areas of water bodies and lakes to boost massive production of fertilizer, Prof. Oso commended the governor for having a team of great professionals, who were investment conscious as she hoped to have more partnerships with the state beyond the fertilizer production project.

She stressed that the project would bring in about $40million aimed at unlocking the employment and investment opportunities in the state coming in as agriculture-water-based fertilizer project which would go beyond production to the level of marketing the product nationally and internationally.

Also at the meeting were the Director-General of Ekiti Development and Investment Promotion Agency (EKDIPA), Mrs Lolade Olutola and other government officials.

Credit: IrohinOodua