• Friday, July 19, 2024
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BusinessDay

Polish, Nigerian firm invests $3m in agric equipment manufacturing factory

Agricultural transformation and youth employment

Federal Government of Nigeria policy on diversification of the economy from oil to non-oil sectors may have begun yielding fruitful results as Poland-based Company Agro Machine and Nigerian partners – Sleek Group Limited and Shebag Holdings Limited – have concluded plans to set up an agricultural manufacturing factory in Nigeria.

The initial take-off value of the factory to be sited in Kaduna is $3 million, with the growth expected to rise up to $200 million at the production stage.

The Kaduna State government has already provided land where the factory is to be sited and will commence production of mechanised agricultural implements to grow the agric sector and its value chain in the country.

Notably, the Nigerian Investment Promotion Commission (NIPC) is facilitating the investment into the country and is providing all the necessary support and services, including handholding for the early and successful take-off of the factory in Kaduna.

While receiving the delegation on Monday in Abuja, Uju Aisha Hassan Baba, executive secretary, who was represented by Reuben Kifasi, director of Real Sector Department, NIPC, noted that the diversification policy of the nation’s economy was gaining momentum with the smooth take-off of the factory in the country. This will lead to the acquisition of mechanised farming tools, which will in turn increase the agricultural production in the country.

The agric sector is considered a priority in the diversification programme of the present administration as it is the highest employer of labour and its value chain is enormous, Kifasi said, and therefore commended the team for investing in the “Critical Sector, which has direct impact on the economy.”

He promised the Commission’s readiness to support and provide them with all the necessary support and assistance, including the facilitation of all permits, certificate and registrations to enable the early take-off of the factory in Nigeria.

Earlier, the leader of delegation and the Nigerian counterpart, Sheriff Balogun, described his partners as very reliable and committed to setting up the factory as all necessary arrangements had been put in place, adding, “it is our expectation that the factory will take-off before the end of this year.”

He noted further the role of NIPC towards the successful take-off of the factory and solicited for more support, stressing that they were committed to promoting the agricultural sector in the country. He further disclosed that a “Training Centre” will be set up within the factory to aid the transfer of technology to Nigerians.”