Edo State Attracts Over $660 Million in Oil Palm Sector Investments

Edo State, under the leadership of Governor Mr. Godwin Obaseki, has successfully attracted over $660 million in investments within the oil palm sector, with Canada-based Sunora Foods announcing new projects valued at over $100 million.

These investments mark a significant milestone for the state, driven by the Edo State Oil Palm Programme (ESOPP), initiated with a $560 million investment from Fast Moving Consumer Goods companies and private investors.

The ESOPP, a result of the annual Alaghodaro Summit organized by the state’s private sector to commemorate Governor Obaseki’s administration, has propelled Edo State to become a leading investment destination in Nigeria.

The program encompasses the development of Africa’s most expansive oil palm project, involving the cultivation of over 60,000 hectares as farm estates.

During the signing of a Memorandum of Understanding between the state and Sunora Foods at the Government House in Benin City, Governor Obaseki reiterated his commitment to fostering a conducive environment for businesses to thrive.

He encouraged diligence and prudent management in the expansion project.

Charles Eghobamien, President/Chief Executive Officer of Sunora Foods, expressed the company’s investment of $100 million in the state’s agricultural sector.

The projects encompass 15,000 hectares of oil palm, soybeans, and other seed oil crops, in addition to an edible oil refinery, a high-capacity bottling line, and an animal feed processing facility.

Sunora Foods envisions creating more than 10,000 direct and over 15,000 indirect jobs, contributing to both the local economy and community development.

These investments signify Edo State’s growing prominence as a hub for agro-based businesses, fostering economic growth and employment opportunities while bolstering the state’s position as an agricultural powerhouse.