• Sunday, April 21, 2024
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FG, investors to establish $14.2m cassava processing industry in Ekiti

Union Dicon’s bold entry into cassava starch industry

The Federal Government says it is partnering with some private investors to establish a cassava farming/processing industry in Ekiti State, aimed at boosting domestic consumption and export of the commodity.

The project is projected to provide 5,350 direct jobs and 10, 950 indirect jobs for Nigerians.

Minister of industry, trade and investment, Adeniyi Adebayo gave the assurance when he received a team of investors from Axxess Group led by John Olajide to his office.

According to a statement on Sunday signed by Ifedayo Sayo, the minister’s media aide, a technical team from the ministry would meet with the investors to provide the necessary guide for a smooth take-off of their investment and success.

Read also: Vitamin A deficiency: Nutritionists call for more consumption of cassava, maize

Olajide said the group includes some foreigners investing $14.2 million in the project expected to be carried out with about 3,600 hectares of cultivated land.

He said a flour mill of 60 tons/day for an annual capacity of 18,000 metric tons is also billed for the state.

Olajide put the total estimate of the industrial mill to be established in the state at $7.2 million. According to him, the amount covers building/roads, civil works, housing, effluent handling, working capital, and installations.

He listed the project funders to include US Development Finance Corporation; US EXIM bank; African Development Bank, International Finance Corporation, European Development Finance Institutions, Central Bank of Nigeria and some commercial banks.