(Ecofin Agency) - In Nigeria, the Delta state government on Thursday signed a memorandum of understanding (MoU) worth $20 million with Norsworthy Limited to cultivate 3000 acres of palm oil and construct a processing plant.

Speaking during the signing ceremony in Asaba, the Secretary to the State Government, Festus Agas, explained that the government is more focused on agriculture as it is the mainstay of the state’s economy and it is ready to provide every necessary support to make the project successful.

“In my opinion, I think this is the most strategic MoU we have signed with a private firm so far. I want to say here that it is a laudable move that will not only create jobs, but also bring development to the area,” he said.

Agas urged other investors both local and foreign to take advantage of the enabling investment environment in the state to help grow its economy.

“We are very passionate when it comes to investment, not only in Delta but elsewhere because investment brings development to the people and grows the economy of its area of operation. As a company, we are going to inject an initial $20 million into the project to take off, and as we move on, more funds would be injected to expand and grow the investment. Also, I see this project creating over five thousand jobs for our people. I can assure the people of this state that this project is going to improve the economy of Delta state,” said for his part, Gabriel Ogbechie, Chairman of Norsworthy Limited.

Anita Fatunji