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Anambra plans yam processing plant

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ANAMBRA State Government has signed a Memorandum of Understanding worth over N1.4 billion with an indigenous investment company, NKO Farms Limited, for establishment ultramodern yam farm and yam tuber processing plant.

This brings the total MoUs signed by the present administration to 43, totalling about $5.6 in domestic direct investment, out of which eight are already working with 14 at different stages of development.

Performing the ceremony, Gov Willie Obiano disclosed that the farm, which would cover about 100 hectares would be sited at Achalla, Awka North Local Government Area, in an equity deal that will see the investors and Anambra State contribute 75 percent and 25 percent of the total investment respectively.

The governor also gave the investors marching orders to mobilise to site within 90 days after the signing of MoU or have the land title revoked, with the land automatically reverting to Anambra State.

Under the MoU, gross earnings from the investment will accrue at the ratio of 83.5 per cent, 13.5 per cent 3.0 per cent to the investor, Anambra State and the host community respectively as the  first major bilateral co-operation to boost in yam production in the state which Gov Obiano stressed was in line with his administration’s food programme.

Contributing, Chairman of Anambra State Investment Promotion and Protection Agency, Igwe Cyril Enweze said that the agricultural investment embarked by Governor Obiano through ANSIPPA in collaboration with the Ministry of Agriculture, Mechanisation, Processing and Export has transformed Anambra to an agricultural production and export model, explaining that the investment will help promote food security, creating capacity building opportunities for growers and improving the State’s revenue generation.

Managing Director, NKO Farms, Chekwube Okwuonu, thanked the governor for giving them the opportunity to invest in the state through provision of enabling environment, adding that their aim is to create sustainable employment in the state with provision of 50 direct and 150 indirect jobs.

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