Mohammed Aminu in Sokoto
Sokoto State government-owned 15,000 metric tonnes new organic fertiliser plant is set to begin production in December 2017.
Speaking at the signing of the Memorandum of Understanding (MoU) in Sokoto yesterday, the Managing Director of Sokoto Investment Company, Alhaji Aliyu Bala, said already, construction of the plant had been completed, while finishing touches are being put on auxiliary structures that will support the main plant.
He described the signing of the MoU as an important step in realising the objectives of setting up of the plant.
“As you are aware, the State Executive Council recently gave approval for us to acquire equity share in the company and hold same in trust on behalf of the people of Sokoto State. Today’s event is in keeping with that mandate.
“When fully on stream, this factory will create direct and indirect jobs to almost 20,000 people. It will provide job opportunities to both skilled and unskilled professionals, thereby reducing unemployment in the state,” he said.
According to him, the government opted for a Public Private Partnership (PPP) model in order to ensure sustainability of the project, and at the same allow private investors to complement state government’s efforts.
Aliyu stated that more investment opportunities were being explored by the state government, saying local and foreign investors had already shown interest in investing in various sectors of the state.
In a remark, Alhaji Bilya Sanda, who signed the MOU on behalf of IML Ltd, described the initiative as a good step in the right direction.
The state government had signed the MoU to formalise documentation of its 40 per cent stake in the company, while IML Limited, a consortium of private local investors will hold the remaining 60 per cent equity stake in the company.
