Petferns Group has begun a N2 billion investment operations in the country with the purchase of seven hectares of land in Bayelsa State, setting up of assembling and manufacturing plants. The plants are expected to provide employment for 3,000 Nigerians directly and indirect.
Speaking at a media briefing in Lagos yesterday, the spokesperson for Petferns Group, Ms. Peace Eberechukwu, said the N2 billion investment was for agro-farms, manufacturing of tissue papers, production of industrial gases, pharmaceuticals, generator assembly plants and electrical fittings.
She called for a partnership with the state government for receptive leasing by sand filling the vast land for quick commencement of operations. She stated that a bulk of the business such as production of industrial gases, tissue paper production, assembly of knockdown generators and electrical fittings would be carried out in Bayelsa state.
Eberechukwu disclosed that the company was ready to offer 10 percent equity share if the state government accepts to sandfill the land located at Amasoma by Niger Delta University.
The spokesperson maintained that financing of the huge investment was being funded by the First City Monument Bank (FCMB) and Providus Bank. According to her, “Financing is based on bank funding. Cost of structure is by us while machinery cost is joint venture financing of 25 percent equity and 75 percent from bank. We have also invested into land properties in other States like Rivers, Akwa Ibom and Enugu states where other businesses would be situated.
“There is the need to address unemployment issues in Nigeria. How do you say youths are the leaders of tomorrow and there are no jobs for them after graduation from higher institutions to prepare them for leadership.”
She hinted that business operations would commence next year. She also lauded President Muhammadu Buhari-led administration for promoting incentives such as backward integration and tax holidays, noting that the incentives would further help to plough the component of business into expansion.
She called for the harmonisation of the tax system in the country. Eberechukwu added: “Our produce will be the local markets, who are our first priority. Our prices would be cheap because we are processing the seeds here and we are also going to generate our own power.”