The Edo State Government and Sunora Foods have entered into a partnership for palm oil production, which will lead to $100m in investment and the creation of 25,000 jobs in the state.
Governor Godwin Obaseki at the signing of the Memorandum of Understanding on Thursday, congratulated the management of the firm for bringing investment into the state while pledging the state government’s support for the company.
He said, “We want to congratulate the management of Sunora Foods after the discussion culminated in the signing of the Memorandum of Understanding with our government.
“As a government, we are very supportive of entrepreneurs who want to undertake meaningful investment in our state, particularly in agro-based businesses. This is not the first time we have supported business groups that have affiliations with our state.”
The firm’s President and Chief Executive Officer, Charles Eghobamien, said his company would invest $100m and employ 25,000 workers.
“He explained, “The project we are targeting has five aspects. First, we intend to plant 15,000 hectares of land in the next five years. Second, there are crush facilities for soya beans and other seed oil crops.
“Third is a 12,000-tonne-per-day edible oil refinery. Fourth, there are 15,000 bottle-per-hour bottling lines, while the last is an animal feed processing facility. All of these lines will lead to 10,000 direct and 15, 000 indirect jobs.
“We are ready to start planting in January 2024 as soon as we get the land concession. Currently, Edo State has one major palm oil refinery, Presco Oil Plc. So, this will be a step in the right direction to bridge the gap in the palm oil refinery, particularly in the state.
“Edo State has a lot of palm oil plantations, and it makes sense to take advantage of this opportunity to meet local, regional, and international markets. Right now, we are attracting foreign direct investment of over $100m into this venture.”
The acting Managing Director, Edo State Skills Development Agency (Edojobs), Anita Eribo, said the state got the connection through the Canadian High Commission, noting that the jobs to be created would be beneficial to the Edo people.
