AN Indian firm, Wilmar International, is set to boost palm oil production in Nigeria with a N32 billion investent in Rivers State.

Already, the company had acquired the land for the enterprise. It has also opened a corprate office in the state. Just as it has started recruiting the required manpower needed for the venture.

The special adviser to Cross River Governor, Dr. Gerald Adah, told newsmen in Calabar, yesterday, that the Company was already negotiating with would-be host communities where the Governor is expected to provide 50,000 hectres of land for the oil palm plantation.

According to Adah, the Company was ready to make an initial investment of $200 million, and that, the state government had worked so hard to acquire 20,000 hecters of the 50,000 hecters of land that would be needed for the `company’s oil palm plantaton.

“We have gone far in negotiating with the privatization council for two out of the four oil palm estates. There is such possibility that we might pick two out of the four oil palm estate in Cross River.

We are looking at developing that business beyond oil palm because they have the capacity to set up a fertiliser plant, flour and rice production companies”, he said.

Adah noted that the oil palm enterprise would generate revenue for the state government as well as help develop local communities.

“This means that wealth will be created directly for the benefits of the communities. So anybody who is in the oil palm business already has market because they will also establish mills, ”he said.

He expressed optimism that the oil palm venture would generate employment for over 20,000 people in the state.

The special adviser further said that “Government of India is giving Nigeria 100 million dollars facilities under a bilateral agreement between India and Nigeria for a power station.

He named Cross River as one of the three states selected to benefit from this loan, adding that Kaduna State was getting 40 million dollars, Enugu – 30 million dollars, and Cross River – 30 million dollars.

“We will pursue approval at the National Assembly vigorously. The terms of the loan have been negotiated. We are awaiting the transmission of the terms of the offer by the Indian government to Nigeria. The loan will be activated after that.”

Adah said that the power plant project, when completed, would give impetus to the economic development of Cross River.

-Guardian

Posted by admin on Jun 17 2011. Filed under Africa & World Politics, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry