The Enugu State Government, led by Governor Peter Mbah, has signed a N100bn deal with Pragmatic Palms Limited, a company registered about five days ago. The agreement aims to revive the moribund United Palm Products Limited (UPPL) in Enugu State.
UPPL is one of the agricultural and agro-industrialisation initiatives of the late Premier of the defunct Eastern Region, Dr Michael Iheonukara Okpara. Established in 1970, it has remained fallow since successive administrations in the state failed to revive it.
Mbah signed the N100 billion deal on Friday, enabling the five-day-old Pragmatic Palms Limited, which he claims is a subsidiary of Diamond Stripes Limited, to temporarily take over the moribund UPPL.
He said the move aligned with his administration’s determination to grow the state’s economy from $4.4 billion to $30 billion.
Speaking during the signing of the agreement at the Government House Enugu, Governor Mbah said the deal is one the state must be very proud of because it represents a significant leap in the government’s quest towards reviving dormant assets in line with its vision and the promises made to the people.
He said, “This investment outlay of over N100 billion is significant because we also see agriculture beyond food security. We see agriculture as a business.
“I want to assure you that the government you are dealing with is business-facing. Given my background as an entrepreneur, we understand what it means to have the ease of doing business.
“We will ensure that this experience is one you will use as a reference point. We will be very responsive, and we will make sure that this partnership works for the benefit of the company and Enugu State. So, what we are doing here today will mark the beginning of great things ahead.”
Speaking to Newsmen, Adaora Chukwu, the Enugu State Commissioner for Trade, Investment, and Industry, said the deal was a milestone.
“The economic significance of what we did today is huge.
“The number of jobs it will create, the multiplier effects of increasing production in the oil palm industry.
“You know that oil palm is an export commodity. We are not talking about the forex earnings into the state but also the building of capacity in-house, technology transfer, and skills and knowledge transfer to the people of Enugu State.”
Pragmatic Palms Limited, registered on the 6th of May, 2024, is a one-man business overseen by Nwangwu George as its Director.
About The Author
