Anambra Govt, Nko Farms Signs N1.4Bn MoU To Boost Yam Production And Processing
The State Government has signed a Memorandum of Understanding with NKO Farms Limited for improved yam production and processing in the State.
At a brief ceremony at the Governor’s Lodge, Amawbia, Governor Willie Obiano signed on behalf of the State Government.
The MOU with a total investment size of one point four billion naira is for the establishment of a one hundred hectare farm and processing plant at Achalla, Awka North Local Government Area for the production of yam tubers and processed yam flour for export.
Under the MOU, the investor is expected to contribute seventy-five percent of the equity, put at one point zero seven billion naira while Anambra State Government is to bring the remaining twenty-five percent.
It was also agreed as part of the MOU that the investor must mobilize to site not less than ninety days after the MOU signing, or the land title will be revoked, with the land automatically reverting to the State.
Speaking before signing the documents, Governor Obiano said the investment brings to forty-three, the total number of MOUs signed by his government totaling about five point six US dollars, out of which eight are already working and fourteen at different stages of development.
He said with the state’s comparative advantage in yam production, the investment provides a viable export opportunity in line with his administration’s vision to transform the state’s Agric sector.
He urged the investor to immediately hit the ground running to ensure that the project is achieved on time.
The Chairman of the State Investment Protection and Promotion Agency, ANSIPPA, while noting that the Agency had worked closely with the State Ministry of Agriculture in working out the modalities for the investment, said when completed, the project will help promote food security, create capacity building opportunities for growers and improve the state’s internally generated revenue.
The Chairman and Chief Executive Officer of the Investing Company, Mrs. Cordelia Udo represented by the Managing Director of the Company, Mr. Chekwube Okwuonu thanked the government for creating a conducive investment opportunity in the State and said they hope through the partnership, to achieve their vision of being an all-year round yam producer in the State.
In a vote of thanks, the Managing Director of ANSIPPA, Mr. Jide Ikeakor assured that ANSIPPA is poised to continue to enhance the Governor’s investment drive and commended him for providing leadership that has made their job seamless.