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From Scholastica Hir, Makurdi
Benue State Government, through the Benue Investment and Property Company (BIPC), has gone into public private partnership (PPP) agreement with KAOTHEEM Eenergy Services in collaboration with TAICOP Capital Partners to develop and enhance the state’s agro allied sector.
Speaking at the meeting in Makurdi, Chairman, TAICOP Capital Partners, Mr Tom Iseghohi, said the partnership, which would last for eight years, would raise Benue’s Gross Domestic Product (GDP) from the current $2 billion to $20 billion in 10 years.
Iseghoni, who noted that Benue is known for her remarkable agricultural prowess, regretted that her entire value chain was not captured, leaving loopholes for wastage and less value for farmers.
The business mogul said the companies would invest $2 billion in the project in the first years of their partnership to develop the agro allied sector of the state, support a comprehensive rice value chain that accommodate small investors and increase the state’s GDP.
He said they would also support the state’s education by establishing a department of Artificial Intelligence at the Benue State University of Agriculture, Science and Technology (BSUAST) Ihugh.
He explained that the programme when implemented would not only provide jobs for the teeming youths population but also deliver income to Benue, impact security and change lives in the state.
He assured that, “After eight years of this programme, Benue will look like a developed nation on its own.”
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Benue State Governor, Rev Fr Hyacinth Alia said the programme was a turning point for the agricultural sector in the state as it would also end post harvest losses.
Alia, who was represented by his Deputy, Sam Ode, assured the investors of the state’s preparedness to partner with them for the programme.
He said the state would constitute a team that would henceforth work with them on the partnership agreement and the legal framework for effective takeoff. Alia, who acknowledged that the potential investors were real, expressed confidence that the partnership would yield tangible results, adding that the state’s renewed focus on value addition and agro-industrialisation would give birth to ‘Benue rice.’
Earlier, the Group Managing Director (GMD), BIPC, Dr Raymond Asemakaha, said the state was transitioning from a traditional agrarian economy to an industrialised powerhouse.
He said their goal is to transform the state’s raw agricultural materials into high-value products while leveraging cutting-edge technology.
He emphasised the importance of research-driven industrialisation, saying Benue’s strength in yam, cassava, maize, soybean and other staple crops presents vast opportunities for technology-driven processing that would drastically reduce post-harvest losses and improve food security.
He disclosed that the agro-processing hub would focus on converting yam into flour for local and export markets, processing tomatoes into paste and expanding soybean value chains currently worth billions of Naira. The initiative, he added, is projected to create up to 10,000 direct and indirect jobs.
