Benue secures N25bn agri-deal to boost soybean, irrigation farming

The Benue State Government has signed a Business-to-Business Memorandum of Agreement (MoA), expected to attract about N25 billion in investments into commercial soybean production, irrigation farming, and integrated agriculture.

The agreement was signed on Wednesday at the Government House, Makurdi, the Benue State Capital between the Benue State Agricultural Development Company Limited (BSADC) and Benue-AgriPro Limited.

In his remarks, Hyacinth Alia, the Benue State Governor, said the deal would also cover out-grower development, value chain development, research and vocational training.

The governor, who was represented by Sam Ode, his Deputy, described agriculture as the backbone of Benue’s economy, saying the partnership stemmed from the Administration’s resolve to increase agricultural production and ensure the state truly lives up to its status as the nation’s food basket.

Ode said the Alia’s Administration remains committed to due process, transparency and strict adherence to legal procedures in all investment engagements.

He assured investors that the Government signs only performance-driven agreements and closely monitors implementation to guarantee results.

The deputy governor urged Benue-AgriPro to position itself as a major supplier of maize, soybean, sesame and groundnuts to the revitalised Taraku Mills, valued at over N50 billion, where machinery is already undergoing dry-run operations.

He added that future expansion of the company would depend on its performance, as the Alia’s administration is committed to “working agreements” that deliver jobs, investment and sustainable economic growth.

Earlier, Donald Akule, Managing Director/CEO of BSADC, said the partnership was structured under the State’s Public-Private Indigenous Partnership, PPIP, framework and will be implemented through a Special Purpose Vehicle, SPV, following extensive technical, financial and legal due diligence.

He said that the project would.commence at Mbatiev in Buruku Local Government Area and would be expected to position Benue not only as Nigeria’s food basket but also as the gateway to Africa’s food future.

Earlier, Ahmed Abubakar, Managing Director/CEO of Benue-AgriPro Limited, described the agreement as a major milestone in advancing agricultural development in the State. He pledged the company’s commitment to implementing the project with integrity, professionalism and transparency.

Also speaking, Benjamin Ashaver, the Commissioner for Agriculture and Food Security, said the project site is Government-owned land under the Ministry, and assured investors of full institutional support, noting that the partnership would help tackle post-harvest losses while expanding value addition in the state’s agricultural sector.