Commission to attract investment worth $90m into agricultural sector


 The Nigerian Investment Promotion Commission (NIPC) said it had concluded arrangements to attract investments worth $90 million from Japan into the agricultural sector of the economy.

This is contained in a statement signed by Mr Joel Attah, Assistant Director Media and Protocol of the commission in Abuja on Thursday.
It stated that the Acting Executive Secretary of the commission, Hajiya Ladi Katagum, said she was able to convince the company to invest in the country.
The statement made it known that Katagum said this when the President of the company, Mr Zentaro Iwamoto, paid a courtesy visit to the commission.
``The coming of the company into Nigeria to invest in agricultural sector is in line with the diversification policy of the Federal Government, which the commission is set to realise, `` it quoted Katagum as saying.
She noted that the investment would be in form of productions and sales of nutritious soya beans and sorghum flour, which would be processed in Nigeria.
Katagum stated that the Toshoku Company Limited of Japan has sought for more than five million hectares of lands to grow both soya beans and sorghum before processing them into flour.
She gave assurance that the commission would do everything possible to ensure that the multi-million dollar project was realised within the shortest possible time.
Katagum assured the Japanese investor that the commission would work with state governments to ensure that the lands to grow the soya beans and sorghum are made available.
According to her, the commission is still consulting with state governments toward the realisation of successful execution of the project.
Earlier, Iwamoto expressed the readiness of the company to establish in Nigeria by growing large farm of soya beans and sorghum and process them into flour for export.
Iwamoto displayed some bread, biscuits and doughnuts that his company had produced from sorghum in Japan.
``From the factory that will be established in Nigeria, they are expected to produce high quality soya beans flour of 15, 000 tonnes per year and sorghum of 84, 000 tons per year.
``They will also produce soya beans and sorghum flours such as bread, confectionaries, cakes and beverages,`` he said.
Iwamoto said the investment worth $90 million would be 70 per cent funded by his company while 30 per cent would be funded by Government or other private sector. 

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