From Tony Osauzo, Benin
The Edo State Government has signed a Memorandum of Understanding (MoU) with Sunora Foods, an Agro-based Company that is set to attract over $100 million Foreign Direct Investment (FDI) for its Oil Palm business expansion and trading in oil and vegetable oil to markets across the world.
Speaking shortly after the signing of the MoU the Government and the Company at Government House in Benin City, the State Governor, Mr. Godwin Obaseki, said his administration is supportive of businesses and entrepreneurs and would continue to create enabling environment for them to thrive to achieve desire returns.
“We want to congratulate the management of Sunora Foods in the stage we have gotten to that has culminated in the signing of the Memorandum of Understanding (MoU) with our government.
“As a government we are very supportive of entrepreneur who want to undertake meaningful investment in our state particularly in the agro-based businesses. This is not the first time we are supporting business groups that have affiliation with our state.
“I just want to implore you that you should be very diligent and also manage your expansion. We trust that with the history of your company and experience that you will manage the business and the opportunity.
“As a government, like i said earlier, we are very supporting of businesses and entrepreneurs. We will continue to create the enabling environment for your investment to thrive, safe and to obtain the level of returns that you expected to sustain the investment”, Obaseki added.
Earlier, the President/CEO, Sunora Foods, Charles Eghobamien, disclosed that Sunora foods is a 30 years old entity trading oil, vegetable oil to markets across the world including the USA, Canada and China.
He explained that one of the first initiatives was global expansion, “and having secured the financing for the expansion we had two markets. First was Indonesia and the other was Africa.
“As they say, charity begins at home and I said is going to be Edo State. And, that was particularly easy to make because of the investment and strives and the programmes the Governor had set in place.
“We are excited for this initiative because of what its brings. It is an investment, but investment is not just money but is improvement in livelihood in line with the dreams of the governor and in this administration.
“We are targeting 10,000 jobs minimum and we are also targeting over 15,000 indirect jobs. Apart from this, there are going to be other development in terms of innovations, technical expertise and also we intends to through our Corporate Social Responsibility to impact the communities where we are going to operate in.
“So, we are waiting for this opportunity and we look forward to a fruitful and successful partnership”, Eghobamien stated.
Later in an interview with journalists, Eghobamien said the programme Sunora Foods is targeting has five aspects -15,000 hectares of land which we intends to plant within the next five years, crush facilities for Soya beans and other Seed oil crops, a 12 hundred tons per day edible oil refinery, a bottling line and a 15,000 bottle per hour bottling lines, an animal feeds processing facility. All of these lines will lead to 10,000 direct and 15,000 indirect jobs.
“We are going to invest in palm oil plantation to start with. The goal of selling of red palm oil and also refining through the refinery into vegetable oil.
“We are ready to start in January 2024 as soon as we get the land concession and begin planting.
“Currently, Edo state has one major palm oil refinery which is Presco Oil Plc, Okomu oil does not refine as you all know. So, this will be a step in the right direction to bridge a gap in the palm oil refinery particularly in Edo State.
“Edo State has a lot of palm oil, a lot of plantation. It makes sense to have this opportunity to refine the oil to make it available not just for the local market but also for regional and later for the international market as well.
“The advantage there is for our specialty. We understand how to refine oil to meet international standard. That is why we do and we come to bring this here. Right now, we are attracting Foreign Direct Investment of over $100 million into this venture”.
The Acting Managing Director, Edo State Skills Development Agency (Edojobs), Mrs Eribo Itohan Anita, said the partnership when it comes to reality, will attract over 10,000 jobs to Edo people because of the scope.
“So, when we saw this kind of project it was for us to bring it to the notice of the Governor to say that this people are coming to set up businesses with their own funds. This investment in the areas they say they are going to invest in is something that will benefit the people of Edo State”, she noted.