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Oyo receives investment worth N300 billion

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By Abdulwasiu Usman

Brent Sugar would generate 30 megawatts electricity, at least 10,000 employment.

The federal government continues on its shores to reduce hunger, poverty and unemployment challenges looming in the country as its committed to utilizing the Sugar Master Plan to lower the rates. The recent investment made by Brent Sugar depicts President Muhammadu Buhari’s administration’s dedication towards building a productive country. Mr. Zacch Adedeji, Executive Secretary of the National Sugar Development Council (NSDC), made this known during the ground-breaking of the N300 billion Brent Sugar Plantation and Mill in Iseyin, Oyo State.

According to Adedeji, the government must take all measures to get the private sector on board to venture into projects that could lift and liberate Nigerians, especially the youths, out of poverty. He argued that the sugarcane-based industries are one of the effective tools in the country that could help ease the poverty burden. Adedeji further commends Brent Sugar Limited for deeming it fit to establish this kind of project in the environment, noting that it’s not just for Oyo State alone but also for the whole country.

This establishment is a path to industrialization and economic prosperity.

Moreover, the President believes that we must eat what we grow and grow what we eat, Adedeji added. On his part, Dr Akinwunmi Adesina, President of the African Development Bank (AfDB), represented by his Senior Special Assistant on Industrialization, Prof. Oyebanji Oyelahan, asserted that industrialization is the pillar for economic prosperity. He said Brent Sugar Limited’s establishment is a path to industrialization and economic prosperity. Therefore, Adesina called on the people to ensure cooperation with the company noting that it entails a large beneficial gain as a community and nation.

The Chief Executive Officer of Brent Sugar Limited, Mr. Martins Akinola, mentioned that the total investment that would be committed to the project is about N300 billion over a period of five years. He stated that the company would be cultivating 11,000 hectares for a sugarcane plantation, with 5,000 from the company and 6,000 from external growers. Akinola said the company would generate 30 megawatts of electricity using BAGAS and employment opportunities for at least 10,000 people.

In the next two years the project would be into production, milling.

Additionally, the CEO of Brent Sugar Limited also made it known that 300,000 litres of ethanol would be generated from the waste coming from the refinery. And to top it off, as part of the firms social responsibilities to the Iseyin community, a model school will be constructed, and scholarships will be awarded to indigent students. However, Akinola appealed to the Oyo State Government to construct the road to Ikere Gorge Dam, which would serve irrigation purposes for the company.

Furthermore, he appreciated the effort of the President, the Executive Secretary of NSDC, Mr. Zacch Adedeji and the state governor, Seyi Makinde, which aided the company in accomplishing such a milestone. With technical partners from abroad, Akinola said the project would be into production and milling in the next two years in Iseyin if all goes well. He noted that equipment and maintenance would be handled by partners from India, with about eight joining next year in February.

The state gov’t is committed to infrastructural development of the state.

Akinola said the project establishment would be the most significant investment in Oyo State, with the state government as a co-owner. Meanwhile, the governor of the state, represented by his deputy, Mr. Bayo Lawal, pledges to ensure that the road to Ikere Gorge Dam is constructed and made motorable for all, adding that the state government is committed to enhancing infrastructural development of the state. Such an act was demonstrated in the interconnectivity project of the administration aimed at connecting the five state zones. Makinde said the company is an excellent beneficial gain to the state, which will also complement the state administration’s efforts in poverty reduction, employment creation and infrastructural development.


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Ask Nigeria
Admin
1 year ago

Oyo receives investment worth N300 billion – Brent Sugar would generate 30 megawatts electricity, at least 10,000 employment. – Express your point of view.

theApr
theApr
Member
1 year ago

The business will complement the state administration’s efforts to reduce poverty, create jobs, and expand infrastructure while also providing excellent benefits to the state.

Abusi
Abusi
Member
1 year ago

This shows that the Oyo government is really investing a lot into it’s economy. They are expanding their investment capacity in a bid to facilitate diversification of their economy.

Tonerol10
Tonerol10
Member
1 year ago

Brent Sugar would generate 30 megawatts electricity, at least 10,000 employment. This is a very big investment, it will increase the economy of the country. At list employing up to 10,000 works is something nice

Remi1
Remi1
Member
1 year ago

Martins Akinola, the Chief Executive Officer of Brent Sugar Limited, stated that a total of around N300 billion over five years will be invested in the project.

DimOla
DimOla
Member
1 year ago

Oyo state receiving ₦300 billion project from Brent Sugar will be of benefit to Nigerian, especially the electric power generation to boost our electric power supply. Adding to that benefits is the provision of 10,000 jobs.We want more of this kind of project.

Iyanu12345ogg
Iyanu12345ogg
Member
1 year ago

This kind of project increases not only the economy of the state but the country also. It is a very big investment, in my opinion.

Chibuzor
Chibuzor
Member
1 year ago

As the nation’s commitment to implementing the Sugar Master Plan to reduce hunger, poverty, and unemployment rates remains strong, so too does that of the federal government.

Tolaniiii
Tolaniiii
Member
1 year ago

Evidently, the government of Oyo is placing substantial resources into the economy. They want to make it easier to diversify the economy, so they’re increasing their investment capacity.

Christiana
Christiana
Member
1 year ago

Together, the state and the company will make great strides toward their goals of decreasing poverty, increasing employment, and modernizing infrastructure.

Bola12
Bola12
Member
1 year ago

The federal government remains committed to the Sugar Master Plan to eliminate hunger, poverty, and unemployment.

Adesanyaj72
Adesanyaj72
Member
1 year ago

The government has an obligation to exhaust all options in order to convince the private sector to participate in endeavors that have the potential to uplift and liberate Nigerians.

Hassan Isa
Hassan Isa
Member
1 year ago

The industries that are based on sugarcane are one of the useful weapons that the country possesses that might help lessen the burden of poverty.

Haykaylyon26
Member
1 year ago

The oyo state will really benefit from the business and jobs employment will be create for the people and it add value to the state and improve things

Ultra0711
Ultra0711
Member
1 year ago

What a great project and accomplishment for the Oyo government. With the state government aid am sure such a prospective project will be successfully implemented.

Adeolastan
Adeolastan
Member
1 year ago

This is very good initiative,this is what Nigeria really want at this time present time because at this time,the sector that can truly boost our economy is agriculture.

jdpumping
Member
1 year ago

This is a good news anything that would put oyo state on the map and benefits it’s citizenry economically,and expand it’s infrastructure.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
1 year ago

People were encouraged to work with the business by being told that doing so would be very good for both the community as a whole and the country as a whole.

Kazeem1
Kazeem1
Member
1 year ago

The enterprise is a fantastic and useful gain for the state, which will also complement the efforts of the state administration in the reduction of poverty, creation of employment opportunities, and development of infrastructure.

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
1 year ago

An example of this kind of behavior may be seen in the administration’s project on interconnectivity, which aimed to connect the five state zones.

Taiwoo
Taiwoo
Member
1 year ago

In order to fulfill the social responsibilities that the company has assumed for the Iseyin neighborhood, a model school will be built, and financial aid will be provided to kids from low-income families.

SarahDiv
Member
1 year ago

The Brent Sugar are investing ₦300 billion to generate 30 megawatts electricity which can make available at least 10,000 employment to Nigerian especially to the indeginous people of Oyo state.