February 26, 2021

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U.S.businessmen to invest $43.7m in Edo

2 min read

From Tony Akowe, Abuja

 

Some American-based agribusiness investors led by Fayus Inc Sacramento have pledged to invest about $43.7 million in industrial food ingredients and cassava value chain in Edo State.

They said the investment will include food science, technology knowledge transfer and increased trade and investment inflows between the United States (US), Nigeria and other ECOWAS countries.

Chairman of Fayus Inc, Fatai Yusufu,  who spoke at virtual meeting with U.S. Ambassador to Nigeria, Ambassador Mary Leonard and some foreign and local agribusiness investors in Abuja with the Edo State Governor, Godwin Obaseki said out of the money, about $32 million will be invested in the cassava value chain.

He said the investment in cassava food products development will serves as an example of synergy of goals in value creation to drive food security, economic diversification and jobs creation under the Prosper Africa Initiative and DFC project financing in support of US-Africa investors.

According to him, an additional $18 million will be invested in Ghana and Togo with support of the USAID funded West Africa Trade and Investment Hub (WATIH).

Proherbarium

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“We are ready to get the job done in Nigeria and in Edo state. Over the next four years, I promise you, we will be milling palm oil in Edo from our investment in the newly allocated 5,000 Hectare of land by Governor Obaseki’s administration.

“Fayus, Inc. is one of six new oil palm investors in Edo with state-of-the-art nurseries boasting of over 600,000 high-performance seedlings ready for planting in 2021 and is committed to sustainable cassava supply chain infrastructure development and value creation in Nigeria to meet the company’s latent demand of 50,000 MT High-Quality Cassava Flour (HQCF) for in-country manufacturing of CPG in Nigeria and export to North American, European, and Australian markets,” Yusuf said.

Speaking earlier, Edo state governor, Godwin Obaseki said the focus of his administration was  to attract investors to the oil palm and cassava value chain in the state for production of high value Consumer-Packaged Goods (CPG).