Fayemi: Promasidor’s $5m Investment in Ekiti will Boost Economy

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Kayode Fayemi

Raheem Akingbolu

The Governor of Ekiti State, Dr. Kayode Fayemi, has described the investment by Promasidor Nigeria Limited to reactivate the moribund Ikun Dairy Farm in the state, as a major catalyst that would turn around the fortunes of the state when operational.

Fayemi said the contribution has made Promasidor a core investor in Ekiti, saying production would have by now begun in the milk industry located in Ikun Ekiti in Moba Local Government, but for the lockdown caused by the spread of COVID-19 in the state.

Fayemi, who spoke in Ado-Ekiti recently, while receiving donation worth over N34 million from Promasidor Nigeria Limited, reiterated the readiness of his administration to revive some of the ailing industries in the state.
He said the donation has further attested to the fact that Promasidor was just incurably committed to the growth of Ekiti economy.

Fayemi, represented by the Special Adviser on Investment, Mr. Akintunde Oyebode, said the move would create more employment opportunities for the youths. The governor branded the donation as eloquent testimony of the company’s belief in public-private partnership paradigm shift in the developing of any nation, saying government alone can’t grow the economy to an enviable height.

Fayemi said the reactivation of the ailing industry would be done in partnership with Promasidor Nigeria Limited and the Central Bank of Nigeria, will ensure daily production of about 10, 000 litres of milk.

“The revamping of Ikun Dairy Farm, established in 1987, but abandoned by past administrations in the state, was part of the move by our administration to attract more investors to the state.
“Let me reiterate the readiness of our administration to continue to provide an enabling environment for private industries to strive in the state. An arrangement had been concluded to revive Ire Clay Bricks Limited and other industries in the state.

“I salute the host community for their unflinching support to the firm. I urge them to give more supports to the farm and ensure its success,” Fayemi said.
He solicited the support of the people of Ekiti State on the success of the firm and assured them that the company will employ about 1,000 Ekiti indigenes when fully operational.

Speaking earlier on his company’s outreach project on COVID-19 containment in the country, especially on the products donations to Ekiti State government and others to cushion the economic pains and pangs of the lockdown, Chief Executive Officer of Promasidor Nigeria, Mr. Anders Einarsson said, ”our outreach project will go a long way in helping the most vulnerable in our society who has as a result of this pandemic have been unable to go about their normal day-to day activities or have had their income disrupted.”