Edo signs MoU worth N85.5 billion to develop agricultural projects

The Edo State government has signed a Memorandum of Understandings (MoU) worth N85.5 billion (€380 million), with four investors from the agricultural sector.

Keen to expand and develop their agricultural practices, two of the investors are going to specialise in ethanol production, sourced from cassava and sugarcane.

At the signing of the MoU last week, Abdul Oroh, the state's commissioner for agriculture and natural resources said that the government is looking to spend $2 billion (€1.5 billion) on projects in the agricultural sector over the next three years.

One of the investors, Obax Worldwide is using part of this investment to cultivate cassava for ethanol production, and for the establishment of an ethanol factory at Ologbo, in the Ikpoba Okha area. Operations in its production are set to start by 2016.

Similarly, another of the investors, Industrial Development Holdings will also concentrate on ethanol production, using sugarcane instead of cassava.

Wilbahi Investment limited and Ekha-Agro are the two remaining investors who along with Obax Worldwide and Industrial Development Holdings are collectively putting N85.5 billion into this large-scale agricultural development.