Enugu State Governor Peter Mbah has announced sealing a N100 billion deal with Pragmatic Palms Limited to revitalise the Enugu State United Palm Products Limited (UPPL).
He said this marks a significant step towards fulfilling the state’s commitment to agricultural and agro-industrialisation initiatives, particularly those established by the late Premier of the defunct Eastern Region, Dr Michael Iheonukara Okpara.
UPPL, which has remained dormant for many years, holds immense potential for economic rejuvenation and job creation within the state.
Governor Mbah expressed his enthusiasm for the collaboration, emphasising its alignment with the administration’s promise to the people of Enugu State.
He underscored the government’s unwavering commitment to facilitating a conducive environment for the venture’s success, pledging active support to ensure mutual benefit for both the state and the investors.
“This is a moment we must all be very proud of because it represents a significant leap in our quest to revive our dormant assets per our vision and promises to our people.
“This investment outlay of over N100bn is significant because we see agriculture beyond food security. We see agriculture as a business,” he noted.
The N100 billion deal signifies a substantial injection of capital into Enugu’s agricultural sector, signalling renewed confidence in the region’s economic prospects.
Speaking during the signing, the Managing Director/CEO of Pragmatic Palms, George Nwangwu, said that palm products were in high demand, stating that United Palm Products Limited was capable of kick-starting the economic transformation of Enugu State.
“We have to realise that agriculture is a business. We are going to bring in a lot of equipment, and we are going to process the palm. Not just the palm, the palm kernel is an export commodity. If you go back and look at the biggest import over the years, palm is actually number five on the list. So, it is a significant product, and we tend to make sure we optimise its potentials here.”
“The idea is to kick-start the economic transformation of the state. For instance, if we produce enough, people will come and set up their soap factories and then employ more people. It has a multiplier effect.
“Also, just to give you an example, to get the one at Oji River running, you are talking about nearly 500 people because we need people to weed, operate the plants and process them. So, you are also creating direct employment. If you put all these together, you can see that it runs into thousands of jobs,” he noted.
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