Abia awaits US $120 m investment in Oil Palm Value Chain, signs N10bn MoU with BoI
From Boniface Okoro, Umuahia
A US $120 million investment in oil palm value chain may be on its way to Abia State, as the potential investor, Nimbel Shaw, has visited the state to execute a Memorandum of Understanding (MoU) with the state government.
This coming on the heels of the signing of a N10 billion valued Memorandum of Understanding (MoU) between the state government and Bank of Industry (BOI) to boost industrialisation of Abia.
Executive Governor of Abia State, Dr. Alex Chioma Otti, received in audience, the Nimbel Shaw delegation, led by its Director, Mr. Junaid Hakeem Bello-Osagie,
Nimbel Shaw is a Nigerian-based Oil Palm Company but is in partnership with Plantations et Huileries du Congo (PHC), which has the largest palm plantation in the Democratic Republic of Congo, as well as Kuramo Capital, LLC – their funding partners.
While in Abia, the team visited selected palm plantations in the State, including the Ohambele Palm Plantation and Ulonna Farm Settlement, to explore their investment options.
In the Government team, led by Governor Otti, to receive the visitors, were Commissioner for Agriculture, Dr. Cliff Agbaeze, Commissioner for Lands and Housing, Mr. Chaka Chukwumerije and Special Adviser on Investment Promotion, High Chief Greene Amankwe.
The rest were Director-General of Abia State Public Private Partnership and Investment Promotion Board, Mr. Chinedum Chijioke and the Technical Assistant to the Governor, Mr. Charles Egonye.
Meanwhile, Abia State government has signed a N10 Billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for industrialization of the state.
The Executive Director, Medium and Small Scale Enterprises (MSMEs) of Bank of Industry, Shekarau Umar, disclosed this while speaking with newsmen after signing the MOU in Umuahia.
Under the agreement, the Abia State government will provide the sum of N5 Billion which will be matched with another N5 Billion by the BOI for a start, and the fund would be disbursed to entrepreneurs in the State to boost their businesses.
According to the BOI Executive Director, one of the best ways to develop a state is through industrialization. He added that various sectors of the Abia State economy was covered in the MOU.
“We also believe that he (The Governor) wants to develop the state and the easiest way you develop any State is by industrializing that state, get people working, get people doing a lot of enterprises and get people employed. That way, you can now develop the state. We have seen that that is what he wants to do and we want to support him,” Umar said.
“Every angle of the state will be covered. Every activity within the State from Agriculture to ICT to other areas were covered by the MOU and the funding because what you want to do is to develop every aspect of the state,” the Executive Director further explained.
He said that the bank has been disbursing funds to manufacturers and small-scale industrialists in the State, stressing that the current partnership would benefit the state in many ways.
Contributing, the Commissioner for Industry and SMEs, Mr Mike Akpara, said that what the partnership seeks to achieve is to assist Abians run their businesses, maintaining that Abia State stands to derive a lot of benefit from the partnership and agreement.
