Oyo, Canadian firm sign $1.3bn pact on mechanised agric
The Oyo State government has signed a memorandum of understanding (MoU) involving a sum of $1.3 billion with a Canadian agricultural company for the development of its agricultural sector.
The Canadian firm is committing $1.3 billion towards the development of agriculture in the state, which include the production of tomatoes, vegetables, fruits, chicken as well as wind solar system.
The project would commence in the next three months, while full scale production would commence in the next two years.
Governor Abiola Ajimobi, at the signing ceremony in Ibadan, described the MoU as a landmark achievement of his administration in the area of agriculture, stressing that it was the outcome of his various investment trips abroad.
He said that the investment would not only enhance food security but also provide job opportunity for the teeming unemployed youth in the state.
The governor also said that the investment would be second to none in the annals of agriculture in Africa, pointing out that it would benefit the people of Oyo and all its adjoining states as well as Canada.
"The MoU is a milestone; it is a legacy that will stand the test of time; it will be second to none in terms of the opportunities available in agriculture,'' he said.
Ajimobi commended the firm, SGNTT, for its commitment to the development of agriculture and for its readiness to invest in the state's agricultural sector.
In his remarks, the leader of the team, Edward Ndububa, explained that the project would be located in Itesiwaju and Afijio local government areas of the state, expressing his group's intention to partner the state government in the area of large scale mechanised agriculture.
He said that there had been some understanding between his group and the state government on the need for them to work together for the economic development of the state.
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