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Anambra and Folio Holdings seal ₦60bn agribusiness deal

Anambra State Government Willie Obiano has signed a Memorandum of Understanding with Folio Holdings Limited for the establishment of an agricultural project worth ₦60 billion in the state.

According to a report by the Anambra Broadcasting Service, the project is to yield products like rice, fish and staple crops for commercial and export purposes as well as an agricultural training institute to be sited at Oba-Ofemmili in Awka North Council Area.

The states believe that the project would attract financial partners from within and outside the country

According to the state government, the project, which Folio Holdings will manage and provide technical expertise, is part of a concerted move by the Obiano administration to revitalise the state’s agricultural and agribusiness sectors. “The MoU brings to 11, the total number of partnerships the State government under the Obiano administration has attracted in the agricultural sector,” Governor Obiano is quoted as saying by the state broadcaster.

“It will see the investor bring the sum of ₦54 billion while the state government is expected to invest about ₦5.4 billion as its equity contribution,” he said.

On his part, the Chairman of Folio Holdings, Fidelis Anosike said that working with the Anambra government and other technical partners including Triton Africa, Alluvial Farms and Choice International Group, the project will “show that agriculture is not just the next oil but agriculture is indeed the oil of life and the Anambra government, piloted by Chief (Dr) Willie Obiano has created the enabling environment for serious investment and investors.”

The project, when completed, will be a 4000 hectares of rice, fish and various agribusiness operations integrated with an industrial processing park and an agricultural, tech and business institute.

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Ihesiulo Grace

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