Acting Executive Secretary, Nigerian Investment Promotion Commission, NIPC, Hajia Ladi Katagum has disclosed that a Japanese company, Toshoku Company Limited has expressed its readiness to invest $90 million into the Agricultural sector of the economy.
Katagum, who made this known when the President of the company, Mr. Zentaro Iwamoto, led a team of delegation to her office on Wednesday in Abuja, noted that the investment is the productions and sales of nutritious soya beans and sorghum flour, to be processed produced in Nigeria. She noted that company is already seeking for over five million hectares of lands to grow both soya beans and sorghum before processing them into flour and exporting them outside the country.
According to her, “we were able to convince the company to consider Nigeria as the preferred investment destination in Africa and establish their business in spite of fears expressed by them on the security situation in Nigeria.
She said the coming of the Company into the Nigerian economy to invest in Agricultural Sector is very timely as it is line with the diversification policy of the Federal Government which the Commission is pursuing with vigor for its realization.
While assuring that the commission would do everything possible to ensure that the multi-million dollar project is realized within the shortest possible time.
According to her, “ensure that the required farm lands to grow the soya beans and sorghum are made available, “as the Commission has already began consultations with state governments”, stressing that their investments will be secured in the country as the Federal Government has reduced the issue of insecurity to its barest minimum”.
Earlier, the President of Toshoku Company Limited of Japan, Mr. Zentaro Iwamoto expressed the readiness of his company to establish their presence in Nigeria by growing large farm of soya beans and sorghum and process them into flour and export them to other countries in the world from Nigeria.
Mr. Iwamoto who displayed some breads, biscuits and doughnuts that his company produced from sorghum in Japan, while explaining that from the factory that will be established in Nigeria, they are expected to produce high quality soya beans flour of 15, 000 tons per year and sorghum of 84, 000 tons per year and produce soya beans and sorghum flours such as bread, confectionaries, cakes and beverages.
He said the investment which is worth $90 million will be 70 per cent funded by his company while 30 per cent will be funded by Government or other Private Sector. Already, some State Governments are competing to produce the farm lands to grow the soya beans and sorghum and the sitting of the multi- million dollar factories.


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