Obaseki inspects ongoing construction of 3.6 km road, agricultural projects, others in Ologbo – Nigerian Observer


BENIN CITY – The Governor of Edo State, Mr. Godwin Obaseki, on Friday inspected the ongoing construction of a 3.6 km road and an integrated agricultural project in Ologbo, Local Government Area of Ikpoba-Okha of the State.

The projects are funded by a tax credit given to the SaroAfrica group of companies, as part of the government’s efforts to accelerate development across the state.

The Governor, who expressed satisfaction with the progress of the work, noted that the tax credit is an innovative new method of financing projects to attract the private sector to invest and improve infrastructure development in the State.

Obaseki, however, assured that his government would support reforms and programs that ensure the right political and security environment to support the influx of investors into the state.

Regarding the integrated agricultural project, the governor said: “This project is very significant and important because it is a project where almost 100% of the raw materials needed are of local origin and 100% of the products are raw materials. raw materials for other companies and industries, particularly in the food and beverage sector, whether it is ethanol or carbon dioxide.

He added, “This transaction is significant because it has introduced a new dimension to incentivize our private sector investors to invest in state infrastructure. Today, this 3.6 km road is being built by Saro Africa thanks to the tax credit that the company should have paid.

Obaseki continued, “It’s a very innovative method of financing; the first to be used by a state government in Nigeria. The federal government gives a tax credit to large and large corporations, but here as a state we were able to attract an investor and use their tax credit to improve infrastructure development in the state.

“We are lucky in the state because we have an investor and a partner like Saro Africa who believes in Africa, in Nigeria and in our state. These projects were conceptualized about five years ago, but construction could not begin until last year due to various challenges.

Obaseki said the project is important because the raw materials to be used can come from local sources and hundreds of people will be employed.

The Managing Director of Saro Group of Companies, Mr. Rasheed Sarumi, said the integrated agriculture project is a joint venture between Saroafrica and Mohinani Group under the Green Hills Agric projects.

Praising the government for creating a business-friendly environment, Sarumi noted that the plant will be commissioned in the first quarter of 2023.

Mr Sarumi said the project is valued at N24 billion.

“This is an integrated agricultural project. This factory needs 480 tons of cassava per day and there are about 5,000 hectares of land to cultivate. Already 1,500 have been cultivated; 350 people from neighboring communities will work here solely on the raw material. The 480 tonnes per day will be converted into waste to feed the pigsty,” he added.

Source link


Comments are closed.