KEY POINTS
- Enugu State sign partnership agreement with Pragmatic Palms Limited in tripartite N100 billion.
- Revitalization initiatives are expected to support 3,500 direct and secondary employment opportunities.
- Project entails expansion and infrastructure enhancement in the next five years at a fast pace.
Enugu State reawakens palm products company in significant gesture
Old agricultural boom of Enugu state has been initiated to reactivate Enugu United Palm Products Limited (EUPPL) with N100bn joint partnership with Pragmatic Palms Limited.
The laying of the foundation stone took place at Ibite-Olo in Ezeagu Local Government Area to kick start this historic project that seeks to turn around the fortune of this formative palm products company.
The governor of Enugu State, His Excellency, Dr Peter Mbah, stress that the drive is a vital effort towards progressing to making the state the preferred investment and industrial location.
Mbah further emphasised his government’s resolve to ensure that the moribund assets in Enugu state are brought into active use for the production of income and employment, “This flag-off is the victory of vision over condemnation,” Mbah said, “Everybody who is against this can go to hell because we are determined to make these assets means of employment and revenue base for the state.” Mbah further explained that the project would provide job opportunities,
The agreement entails that while the Enugu State Government will offer the land and plantations, Pragmatic Palms Limited source for the necessary funds putting in 60% of the value of the transaction.
The project seeks to optimally implement the current 6700 hectares of land that has been gazetted for EUPPL in extending a variety of activities touching on palm oil production, and the accompanying employment of infrastructure in the next five years.
Thus, this study seeks a new vision for Enugu’s agricultural future
Speaking at the ceremony, the Managing Director and CEO of Pragmatic Palms Limited, Prof. George Nwangwu set out a five-year strategic plan for the transformation of EUPPL to a first generation oil palm company in Nigeria.
To do so, Nwangwu promised expansion in the upstream, midstream and downstream segments of the industry, beginning with planting unutilized land by 20,000 hectares. “We are to launch, world standard, oil mills and upgrade refining capacity,” Nwangwu said, adding that the project would produce crude palm oil, palm kernel oil, and other products including biodiesel.
The company also intends to develop a powerful sales force, which will consolidate fresh fruit bunches from communities.
The revitalization will result to the generation of 3,500 direct and indirect jobs thereby further raising the economy of Enugu through agriculture diversification. It will also bring in civil technology and innovation, whereby Enugu state will be a key player in the nation’s agricultural sector.
The Commissioner for Trade, Investment, and Industry, Adaora Chukwu appreciated the initiative. The company EUPPL, which was established in 1970, had been mismanaged and had its equipment become obsolete.
Chukwu opined that the new joint endeavour was a revolution for the state as it creates employment opportunities, new structures and revenue source for the state.
On the other hand stakeholders in the community welcomed the new project as rehabilitation of an asset that had remained idle for over 40 years. The host communities’ support came in a form of a speech by Johnmary Anagolu a business man and a community leader; he thanked the state government for the opportunity and promised to contribute 50 million naira for the construction of the infrastructure in the host communities.
