Leadership (Abuja)
Abdulazeez Sani
14 November 2007
Niger — Niger State Government has signed a N37.5 billion agreement with OSPREY Investment Company Ltd for the construction of an ethanol factory in the state.
The state deputy governor, Hon. Ahmed Ibeto, while signing the agreement on behalf of the state government, said the agreement was in furtherance of the state's industrial policy, which places a high premium on public-private-partnership for the rapid socio-economic development of the state.
Ibeto opined that the state's quest to be among the three most industrialised states in the country by the year 2020 requires a sound economic base as well as viable sources of revenue.
While noting that the project would be of immense benefit to the state, the deputy governor explained that the project would provide employment opportunities to hundreds of Nigerlites, boost the state's economic and revenue base and impact positively on the lives of the people.
He enjoined OSPREY to adhere strictly to the terms of the agreement and assured them that the state government would fulfil its own obligation to ensure the realisation of the project.
General manager of the company, Mr. Geoff Hughes, said the ethanol factory will come to life within two years. Hughes explained that if completed, the plant would have an annual production capacity of 15,000 tons of ethanol fuel and a large scale plantation to provide feed stocks. He added that Niger State stands to benefit in areas like direct and indirect employment opportunities, 25 percent share holding and private financial investors. In addition, the state will be placed on the Nigeria Stock Exchange with a pre-investment fund of N100 million.
Accordin g to him, the variety of crops to be used for the production of ethanol are cassava, maize, wheat, rice, sweet potatoes, sugar beet and sugar cane.
The general manager explained that ethanol products are mostly used in the US, Europe, Asia, South-Africa and other parts of the world.
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