The Nasarawa State government in partnership with Silvex International Limited is floating an agro-commodity company that will create at least 150 jobs and generate over $60 million foreign direct investment.
The agreement was signed with Silvex International, a leading commodity trading firm in Nigeria to run the Nassarawa Agro-Commodity Company, as a private-driven agency with the Vertmance group as the third partner.
Under this agreement, the state will control 25 percent of the shares of the company, while Silvex owns 60 percent, and Vertmance Group 10 percent, according to a statement by Silvex Chief Operating Officer, Abubakar Garba Ibrahim, on Monday.
The partnership is expected to create at least 150,000 direct jobs in Nasarawa state across various layers of the agricultural value chain which include crop production, aggregation, processing, packaging and distribution of finished food products.
Speaking at the event, Nasarawa State Governor Abdullahi Sule assured the partners of the state’s commitment to fulfilling all the terms of agreement contained in the partnership.
The MD/CEO of Nasarawa State Development Agency, Alhaji Ibrahim Abdullahi, also reiterated the state’s commitment to the project.
Silvex International Limited, as the lead partner, will drive the investment and management of the company with the support and participation of Vertmance Group.
The company is set to meet the expected result of operating a standard commodity trading firm that can compete with its peers globally and actualize the potentials of Nasarawa State as agribusiness hub of Nigeria.
The Managing Director and Chief Executive, Silvex International, Alhaji Abubakar Karfi, said Nasarawa State government has committed to providing 10,0000 hectares of farmland to support the initial take-off of the agro-commodity company.
“The partnership will target and promote key crops such as sesame, groundnut, rice, soybean and ginger. We will work with our financial partners to attract over $60 million within the shortest possible time to ensure that we make this agreement fully operational,” Mr Karfi said.
